New Delhi: Indians may soon use Unified Payments Interface (UPI) to make monetory transactions with friends and family in Europe.

In what is being considered a major development, the Reserve Bank of India (RBI) announced the interlinking of UPI with the TARGET Instant Payment Settlement (TIPS) of the Eurosystem on Friday. ADVERTISEMENT

This UPI-TIPS interlinkage will facilitate cross-border remittances between India and the Euro Area and is expected to benefit users of both jurisdictions, the RBI said in a statement.

“Reserve Bank of India 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,” the bank added.

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