8:00 PM IST – India’s world-famous digital payment system, UPI, is officially on its way to Europe. As per the UPI press release, the Reserve Bank of India (RBI) has confirmed the start of the “realisation phase” to connect Unified Payments Interface (UPI) with the TARGET Instant Payment Settlement (TIPS) platform operated by the European Central Bank (ECB).
This move marks one of the most important official steps in India’s journey to take UPI global. It could change the way Indians send money across borders. the old SWIFT Code or NRO account system.
Why This Matters
For the first time, people in India and Euro-area countries will be able to send and receive money instantly, using the same simple UPI experience they use every day in indian markets.
This goes beyond normal remittance updates — it’s a structural shift in how India–Europe payments could work in the coming years.
Unlike traditional remittances that take hours or even days, the UPI–TIPS link aims to make transfers feel like a normal UPI payment: quick, low-cost, and transparent.
What Is TIPS and Why Is the Link Important?
TIPS (TARGET Instant Payment Settlement) is Europe’s real-time payment system that allows euro transactions to be settled 24×7, directly in central bank money.
Think of it as Europe’s version of instant payments — built mainly for both person-to-person and merchant payments.
When UPI connects to TIPS, both systems will talk to each other. Result? Money moves across India and Europe like it’s happening inside the same country.
What Will Change for both countries’ Users?
- Faster India–Europe Money Transfers
Students, workers, travellers, families. Anyone sending money between India and Europe will benefit from near-instant transfers. Most of the regular UPI apps make it simpler. Even PhonePe and Paytm have just added an International UPI section for all. phonepe already accepting 6 countries cross border payments. Now, next Europe soon.
- Lower Remittance Costs
UPI’s low-cost model could reduce the fees that customers pay today for international money movement.
- Easier Merchant Payments in Future
Today, it’s used mostly for person-to-person transfers. But once fully integrated, merchant payments — for shopping, travel, tourism — could also open up.
- More Transparency
You will know exactly how much the sender paid, how much the receiver gets, and how fast the money moves.
UPI vs. TIPS – Quick Comparison
| Feature | UPI (India) | TIPS (Europe) |
|---|---|---|
| Purpose | Everyday digital payments in India | Instant euro payments across EU |
| Payment types | P2P + Merchant | P2P + Business |
| Availability | 24×7 (domestic) | 24×7 all year |
| Currency | Indian Rupee | Euro |
| Speed | Few seconds | Real-time settlement |
| Ideal for | Daily use, QR payments, transfers | Cross-border euro payments, instant transfers |
Why RBI Is Pushing UPI Global
RBI and NPCI International Payments Ltd. (NIPL) want UPI to become a global standard — the same way India exported its digital identity model (Aadhaar) and vaccination platform (CoWIN).
This link with Europe aligns with the G20 roadmap for faster, cheaper, and more accessible cross-border payments.
Bottom Line: UPI is not Just Expanding… It’s Becoming a Global Habit
| Country | Status | What You Can Do There |
|---|---|---|
| Bhutan | Live | Pay using UPI QR codes. |
| Nepal | Live | Send money person-to-person. |
| Mauritius | Live | Use UPI for shopping and tourism. |
| Singapore | Live | Instant transfers with PayNow–UPI. |
| Sri Lanka | Live | UPI QR works at retail stores. |
| France | Live | Pay at major tourist places, including the Eiffel Tower. |
| UAE | Live | UPI accepted in many shops and outlets. |
| Bahrain | Rolling out | Real-time money transfers starting under Fawri+. |
| Malaysia | Rolling out | Cross-border QR payments being launched. |
| Europe (TIPS) | In progress | India–Europe instant payment link being developed. |
almost touching 10 countries. Every new country accepting UPI is not just offering a payment tool — they’re adopting a system that millions of Indians use daily without thinking. UPI’s strength is not technology alone.
- It’s the simplicity people love: Open the app → Scan → Pay → Done.
Whether it’s a student sending money home from Singapore, a tourist using UPI in Europe, or a family paying through QR in Sri Lanka — everyone is experiencing the same comfort India created.
With Europe now stepping in, UPI is crossing one of the biggest global milestones yet. If this link succeeds, India will not only have exported a payment method — it will have exported a way of making money movement simple for everyone, no matter where they live.
