India, Spain begin UPI-Bizum interoperability talks to boost digital payments

India and Spain have agreed to begin technical discussions on interoperability between UPI and Bizum. During his Europe tour, Commerce Minister Piyush Goyal also advanced trade, investment and technology cooperation while reaffirming efforts to conclude the India-EU Free Trade Agreement.

New Delhi: India and Spain have agreed to advance technical discussions on interoperability between India’s Unified Payments Interface (UPI) and Spain’s Bizum digital payments platform, according to a statement issued by the Commerce Ministry.

The issue was taken up during Commerce Minister Piyush Goyal’s visit to Spain as part of his four-nation tour to Europe from July 13 to 18.

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Goyal held productive discussions with Carlos Cuerpo Caballero, First Vice-President and Minister of Economy, Trade and Business, and Jordi Hereu Boher, Minister of Industry and Tourism.

He proposed an annual India–Spain Joint Commission meeting with business participation, while Spain proposed establishing a dedicated “India Team” to facilitate bilateral engagement.

The two countries have also identified significant opportunities for collaboration in automobiles, pharmaceuticals, chemicals, textiles, renewable energy, tourism and infrastructure. Discussions also covered investment facilitation, mobility of professionals and joint investments in Latin America, leveraging Spain’s strategic position as India’s gateway to Europe and Latin America.

The minister welcomed the flagship C-295 aircraft programme under the ‘Make in India’ initiative and the progress made on the Migration and Mobility Partnership and Social Security Agreement.

Addressing the India–Spain Business Forum, Goyal called upon businesses to forge early partnerships to maximise opportunities arising from the India–EU FTA and outlined an ambitious “10×10×10” vision to increase bilateral trade, investment and tourism tenfold over the next decade.

In Brussels, Goyal co-chaired the 3rd India–EU Trade and Technology Council (TTC) Ministerial Meeting.

He welcomed the adoption of the 2026–27 TTC Action Plan and the listing of 21 additional Indian fishery establishments, taking the total number of approved Indian establishments to 625.

India also raised the issue of listing Indian ship recycling yards and proposed launching an India–EU dialogue on skills, education and talent mobility.

Both sides reaffirmed their commitment to work towards the early signing and implementation of the India–EU FTA.

The discussions also covered negotiations on the Investment Protection Agreement and the Geographical Indications Agreement, cooperation on the Carbon Border Adjustment Mechanism (CBAM), regulatory simplification, market access for agricultural products, duty derogation for Basmati rice, steel scrap etc.

In Finland, Goyal met Riikka Purra, Acting Prime Minister and Minister of Finance, and Sakari Puisto, Minister of Economic Affairs. The discussions focused on expanding cooperation in artificial intelligence, 6G, quantum technologies, clean energy, the circular economy, advanced manufacturing and innovation.