India and Spain agreed on 19 and 20 July 2026 to advance technical discussions on interoperability between the Unified Payments Interface and Bizum. The talks took place during Union Commerce and Industry Minister Piyush Goyal’s visit to Spain in July 2026.
Unified Payments Interface
The Unified Payments Interface, or UPI, is India’s real-time digital payment system developed by the National Payments Corporation of India. It enables instant bank-to-bank transfers through mobile applications and supports merchant payments, peer-to-peer transfers, and QR-based transactions.
Bizum and Cross-Border Payments
Bizum is a mobile-payment service in Spain that enables instant account-to-account transfers through participating banks. The proposed UPI-Bizum linkage is intended to support cross-border digital transactions for travellers and businesses and to improve financial connectivity between India and Spain.
India’s UPI International Expansion
India has expanded UPI acceptance in several overseas markets, including Singapore, the United Arab Emirates, France, Mauritius, Sri Lanka, Bhutan, Nepal, and Qatar. The internationalisation of UPI is linked to India’s wider push for digital payment interoperability with foreign payment systems.
Important Facts for Exams
- UPI was launched in India by the National Payments Corporation of India in 2016.
- Bizum is used by multiple Spanish banks for instant mobile transfers.
- Cross-border payment interoperability allows two domestic payment systems to connect for international transactions.
- India has pursued UPI linkages with several countries in Asia, the Middle East, and Europe.
Related Bilateral Discussions
During the Spain visit, discussions also covered investment facilitation, professional mobility, and joint investments in Latin America. Carlos Cuerpo Caballero served as Spain’s First Vice-President and Minister of Economy, Trade and Business, while Jordi Hereu Boher served as Minister of Industry and Tourism.
