India's NPCI International and Eurobank Cyprus extend cross-border payment strategic alliance

NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), and Eurobank Cyprus, a leading bank in the Republic of Cyprus, and subsidiary of Eurobank S.A., have signed a Memorandum of Understanding (MoU) to enable cross-border payments through India’s Unified Payments Interface (UPI) system.

The partnership aims to simplify and enhance the remittance experience for individuals sending money from Cyprus to India, marking a significant milestone in India’s efforts to expand its payments solutions globally.

This agreement builds upon the strategic alliance established between the two organisations in 2024, to facilitate UPI-enabled remittances from Greece to India. With this extension, Cyprus becomes the second European country to progressively adopt UPI-based remittance services, offering the Indian diaspora in Cyprus with a fast and seamless way to transfer money back home. Both NIPL and Eurobank Cyprus shall also manage fund settlement, reconciliation, and dispute resolution within their respective jurisdictions.

Ritesh Shukla, MD & CEO of NPCI International, said, “This MoU marks an important step forward in our strategic collaboration with Eurobank and reflects our ongoing efforts to extend India’s homegrown payment technologies to the global stage. The adoption of UPI in Cyprus highlights its adaptability and resilience within the international payments ecosystem, while also deepening economic linkages between India and Cyprus through efficient remittance channels. This partnership is a testament to our commitment to innovation, inclusion, and delivering seamless, customer-focused financial solutions worldwide.”

Andreas Petsas, CEO of Eurobank Cyprus, said, “We are proud to deepen our cooperation with NPCI International and bring UPI-powered remittance services to Cyprus. This offering will deliver significant value to the Indian community here by enabling a fast, secure, and efficient way to send money home. It also reflects Eurobank’s commitment to being a trusted partner for Indian businesses and individuals engaging with Greece and Cyprus as strategic entry points to the European Union. I would like to thank Mr. Sanjay Tugnait, President & CEO, Fairfax Digital Services, for conceptualising us with NPCI International and for his guidance toward the conclusion of this MoU.”