India’s popular mobile payments system Unified Payments Interface (UPI) will be interlinked with European instant payment system TARGET Instant Payment Settlement (TIPS), the Reserve Bank of India said in a statement.

“RBI and NPCI International Payments Limited (NIPL) have been engaging with European Central Bank on the initiative to connect UPI with the TARGET Instant Payment Settlement (TIPS), the instant payment system operated by the Eurosystem. Following constructive and sustained engagement, both sides have agreed to start the realisation phase for the UPI-TIPS link,” RBI said.

NPCI runs UPI, the country's most popular digital payments platform facilitating over 20 billion transactions in a month worth around Rs 27 lakh crore.

The central bank has been taking initiatives to link

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