Eurobank has launched a UPI-based cross-border remittance service enabling money transfers from Greece to India, becoming the first bank in Europe to activate the service. The initiative has been developed as part of the bank’s strategic collaboration with NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI).
The service was showcased during a live demonstration at Eurobank’s headquarters in Athens on the occasion of the visit of Piyush Goyal, India’s Minister of Commerce and Industry, to Greece. The demonstration highlighted the seamless integration of the Eurobank Mobile App with India’s Unified Payments Interface (UPI), enabling customers to make secure, fast and efficient cross-border remittances.
The event was attended by Ravi Shankar, Ambassador of India to Greece, members of the Indian business delegation accompanying the Minister, Eurobank Chairman George P. Zanias, Chief Executive Officer Fokion Karavias, Deputy CEOs Stavros Ioannou and Konstantinos Vassiliou, as well as Sanjay Tugnait, President & CEO of Fairfax Digital Services.
The initiative aims to strengthen digital payment connectivity between Greece, Cyprus and India by leveraging modern payment infrastructure to facilitate seamless financial transactions and support growing economic ties between the regions.
According to the International Monetary Fund’s (IMF) report Growing Retail Digital Payments (The Value of Interoperability) published in June 2025, UPI is the world’s largest retail fast payment system by transaction volume. Separately, the ACI Worldwide report Prime Time for Real-Time 2024 states that UPI accounts for approximately 49 per cent of global real-time payment transaction volume.
Commenting on the launch, Piyush Goyal, Minister of Commerce and Industry of India, said, “India’s Digital Public Infrastructure has demonstrated how technology can democratise opportunity, empower every citizen and enable what I call a new era of digital democracy. Through UPI, India has built the world’s largest real-time payments ecosystem, proving that innovation at scale can drive inclusion, trust and economic growth. We are pleased to partner with Eurobank in extending this success to Greece and Europe, strengthening trade, investment and people-to-people ties through seamless cross-border digital payments.”
Fokion Karavias, Chief Executive Officer of Eurobank, said, “Today’s presentation marks another milestone in our strategic partnership with India. Following the opening of our Representative Office in Mumbai, we are proud to showcase our collaboration with NPCI International to enable UPI transactions between India and Europe. The presence of the Honorable Minister of Commerce and Industry of India and the Indian business delegation underscores the growing ties between India and Europe. Eurobank remains committed to strengthening trade, investment, and connectivity, further reinforcing the role of Greece and Cyprus as strategic gateways to Europe.”
Sanjay Tugnait, President & CEO of Fairfax Digital Services, added, “The world’s two oldest democratic traditions continue to shape the future: Greece gave the world democracy, while India is leading the way in digital democracy through UPI. Together with NPCI International, Eurobank is bringing this innovation to Europe, enabling faster and safer remittances. This partnership reinforces Greece’s role as a natural gateway for India’s growing engagement with Europe, particularly as India and the EU move towards what has been described as the Mother of All Trade Deals.”
Eurobank said it is also the first Greek and Cypriot bank with a physical presence in India, further strengthening its role as a financial bridge between Europe and India.
The bank noted that these initiatives will support expanding trade, investment and commercial relations between the two regions while contributing to the development of the India–Middle East–Europe Economic Corridor (IMEC), positioning Greece and Cyprus as strategic gateways connecting India with Europe.
