Cross-border payments boost: India, EU begin phase to link UPI with TIPS; remittances to get cheaper

India's UPI is set to connect with Europe's instant payment system, TIPS, a significant step towards cheaper and faster cross-border remittances. This collaboration between RBI and the European Central Bank aims to create a direct digital payment channel between India and the Euro Area, enhancing accessibility and transparency as per G20 goals. Technical integration is the next crucial phase.