More Stories

Informist, Friday, Nov. 21, 2025

 

--RBI: UPI-Europe fast payment system interlink to facilitate remittances 
--RBI: To begin realisation phase of UPI-Europe fast payment system interlink

 

NEW DELHI – The Reserve Bank of India on Friday said India and Europe have agreed to start the realisation phase to interlink Unified Payments Interface with the TARGET Instant Payment Settlement. "The proposed Unified Payments Interface-TARGET Instant Payment Settlement interlinkage aims to facilitate cross-border remittances between India and the Euro Area and is expected to benefit users of both jurisdictions," the central bank said in a release.

 

The RBI and NPCI International Payments Ltd. have been engaging with European Central Bank on the initiative to connect UPI with the TARGET Instant Payment Settlement, the instant payment system operated by the Eurosystem. "RBI and NIPL will continue to collaborate closely with European Central Bank to operationalise the UPI–TIPS link, including technical integration, risk management and settlement arrangements," the release said.

 

India has been actively pursuing interlinking of Unified Payments Interface with fast payment systems of other jurisdictions to promote crossborder payments. These initiatives are aligned with the G20 Roadmap to enhance cross-border payments, with a focus on cheaper, efficient, more transparent and more accessible remittances, the RBI release said.

 

Cross-border transactions on the Unified Payments Interface began in the financial year 2021-22 (Apr-Mar) when Singapore linked its fast payment system, PayNow, with it. In the current financial year till July, over 600,000 cross-border transactions took place using the Unified Payments Interface, with a total value of INR 1.69 billion.

 

In 2024, the government had said in a report that NPCI International Payments had reached out to more than 80 countries to link the Unified Payments Interface with their own fast payment systems. NPCI has also executed agreements with more than 20 payment partners covering over 30 countries, the ministry had said. India has tied up with several countries, including France, the United Arab Emirates, Singapore, Bhutan, Nepal, Mauritius, Sri Lanka, and Japan, to enable Unified Payments Interface transactions.  End

 

Reported by Sagar Sen

Edited by Vandana Hingorani

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.