NPCI International signs MoU with Greek bank to take UPI to Europe

NPCI International Payments (NIPL), the international business strategy arm of payments settlement provider National Payments Corporation of India, has signed a memorandum of understanding with Greek bank Eurobank to process foreign inward remittance from that country through UPI (Unified Payments Interface).

The MoU was signed at the Embassy of Greece in New Delhi by Ritesh Shukla, chief executive of NIPL, and Fokion Karavias, CEO of Eurobank, in the presence of senior ministers and officials of the Greek government, NIPL said in a release on Thursday.

Sanjay Tugnait, president and CEO of Fairfax Digital Services, the largest shareholder of Eurobank, was also present at the occasion.


As per the agreement, the two entities will manage fund settlement, reconciliation and dispute resolutions in their respective jurisdictions.

This initiative positions Greece as one of the first European countries to enable the Indian diaspora residing in the country to undertake seamless remittances to India through UPI rails.

“It showcases the versatility and strength of UPI within the international financial landscape, paving the way for strengthening India-Greece economic ties through enhanced remittance flows,” said Shukla of NIPL.

Earlier this month, UPI went live in France. Indian tourists can buy tickets to the Eiffel Tower by paying via UPI.

Through NIPL, NPCI has established relationships with multiple countries including Bhutan, Sri Lanka, China, and Singapore. Most of these relationships have resulted in acceptance of UPI and RuPay as payment modes in those countries.