- India’s Unified Payments Interface (UPI) has expanded its global footprint with Eurobank launching a UPI-based remittance service for cross-border transfers from Greece to India.
- The new service allows eligible customers in Greece to send money instantly, securely and at significantly lower costs, marking another milestone in the internationalisation of India’s digital payments ecosystem.
- The initiative has been launched under Eurobank’s strategic collaboration with NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI).
A Major Milestone for UPI’s Global Expansion
- The launch of the UPI-enabled remittance service strengthens India’s efforts to establish UPI as a global digital payment platform.
- With the service now operational in Greece, customers can transfer funds directly to beneficiaries in India using a faster and more cost-effective payment mechanism compared to conventional international remittance channels.
- The move is expected to benefit the Indian diaspora, students, professionals and businesses by making cross-border transactions more seamless.
Lower Costs and Instant Transfers
One of the key advantages of the new service is the significant reduction in remittance costs.
According to Commerce and Industry Minister Piyush Goyal, the transaction charges under the UPI-based system are only a fraction of those associated with traditional money transfer services.
The platform offers several benefits, including:
- Instant cross-border money transfers.
- Secure digital payment infrastructure.
- Lower transaction costs.
- Faster settlement.
- Seamless user experience.
These features are expected to make international remittances more accessible and efficient.
Partnership with NPCI International
- The initiative is part of Eurobank’s collaboration with NPCI International Payments Limited (NIPL), which has been leading the global expansion of India’s digital payment ecosystem.
- NIPL works with international financial institutions and payment service providers to enable UPI acceptance and remittance services across multiple countries.
- The Greece launch adds another European market to UPI’s growing international presence.
Piyush Goyal Highlights India’s Digital Leadership
- Commerce and Industry Minister Piyush Goyal welcomed the launch, describing it as another important milestone in the worldwide adoption of India’s digital payment innovation.
- He said the growing acceptance of UPI reflects global confidence in Prime Minister Narendra Modi’s vision of creating technology-driven solutions that deliver value beyond national borders while strengthening international partnerships.
- The Minister noted that UPI has become a symbol of India’s digital transformation and financial innovation.
Strengthening India–Greece Economic Relations
During his visit to Greece, Piyush Goyal also met Eurobank Chief Executive Officer Fokion Karavias to discuss opportunities for expanding bilateral economic cooperation.
The discussions focused on:
- Encouraging greater Greek investment in India.
- Expanding manufacturing partnerships.
- Infrastructure development.
- Strengthening financial cooperation.
- Promoting innovation and digital payments.
The meeting highlighted the growing strategic and economic partnership between India and Greece.
UPI’s Growing Global Presence
- Over the past few years, UPI has emerged as one of the world’s fastest-growing digital payment systems.
- Its international expansion has enabled Indian travellers, businesses and overseas communities to access convenient payment and remittance services in multiple countries.
- The addition of Greece further reinforces India’s ambition to position UPI as a globally accepted payment platform.
Conclusion
- The launch of Eurobank’s UPI-based remittance service marks another significant achievement for India’s digital payments ecosystem. By enabling instant, secure and affordable money transfers from Greece to India, the initiative strengthens financial connectivity between the two countries while showcasing India’s leadership in digital public infrastructure.
- As UPI continues its global expansion, such partnerships are expected to enhance cross-border trade, investment and people-to-people connections, contributing to stronger international economic cooperation.