Good news for millions of Indians living in Europe and their families back home! The Reserve Bank of India (RBI) has announced that it is now starting the actual work to link India’s super-popular UPI with Europe’s instant payment system called TIPS (TARGET Instant Payment Settlement).
This means, very soon, you could scan a QR code or enter a phone number and send money to countries like Germany, France, Italy, or Spain in just a few seconds and at a much lower cost than today’s bank transfers or apps like Wise.
The RBI said on Friday that after months of positive talks with the European Central Bank, both sides have agreed to move to the “realisation phase”. That’s the stage where engineers from RBI, NPCI International (the company that takes UPI abroad), and European experts will connect the two systems, test everything, and make sure it’s safe and smooth.
Right now, sending money across borders can take days and cost a lot in fees. With UPI-TIPS linked, transfers will be instant, almost free, and fully transparent just like sending money to a friend in India. It will especially help Indian workers in Europe send remittances home quickly and cheaply.
This move is part of the G20 promise to make global money transfers better for everyone. India has already linked UPI with countries like Singapore, UAE, France (for tourists), Nepal, Sri Lanka, and Mauritius. Europe will be the biggest one yet covering 20 euro-using countries!
No exact launch date has been given, but work has officially started. Once ready, it will be another proud moment showing how India’s simple UPI is changing the world of payments.
Sources:
- Reserve Bank of India Official Press Release (2025-2026/1549): Interlinking of Unified Payments Interface (UPI) with the TARGET Instant Payment Settlement (TIPS) of the Eurosystem
- CNBC TV18: RBI unveils UPI-TIPS linkage to boost cheaper, quicker cross-border payments between India & Europe
- The Hindu: RBI, European Central Bank agree to start realisation phase for UPI–TIPS link
- The Hindu BusinessLine: RBI starts interlinking UPI with TIPS of Eurosystem
- ANI News: RBI announces interlinking of UPI with European instant payment TIPS
- Business Standard: UPI set to interlink with European instant payment system TIPS: RBI
