MoU signed with Greek bank to facilitate remittances to India using UPI

NPCI International Payments Limited (NIPL), a subsidiary of National Payments Corporation of India (NPCI), and leading Greek bank Eurobank signed a Memorandum of Understanding (MoU) towards enhancing cross-border payments using the UPI platform.

This announcement comes a week after Greek Prime Minister Kyriakos Mitsotakis visited India, where he, among others, had a bilateral meeting with his Indian counterpart Narendra Modi.

According to a joint press release issued on Thursday, this understanding is aimed at revolutionising the process of international money transfers, with a specific focus on streamlining remittances from Greece to India.

The MoU was signed at the Embassy of Greece in New Delhi by Ritesh Shukla, CEO of NIPL, and Fokion Karavias, CEO of Eurobank, in the presence of Kostas Fragogiannis, Deputy Minister of Foreign Affairs of Greece, Maira Myrogianni, Secretary General for International Economic Affairs of Greece and Chairperson, Enterprise Greece, and Sanjay Tugnait, President and CEO of Fairfax Digital Services.

The signing of MoU lays foundation for a strategic alliance wherein both parties shall interface with each other as a point of contact for enabling foreign inward remittance transactions from Greece to India.

As per the release, this initiative shall position Greece as one of the first European countries to enable the Indian diaspora residing in the country to undertake quick and seamless remittances to India using UPI rails.

“A strategic alliance with NPCI International is also fully in line with Eurobank’s strategic commitment to becoming the bank of choice for Indian businesses seeking to establish themselves in Greece or in Cyprus, as an entry point for their EU franchise,” said Fokion Karavias, CEO of Eurobank.

“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 Ritesh Shukla, CEO of NIPL.

India, which has emerged as a leader in fintech innovation and Digital Public Infrastructure placed a strong emphasis on sharing its development experiences and innovation with partner countries.

UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer.

The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace. In 2023, a record 100 billion transactions valued at Rs 2 trillion were made via UPI.

A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it.

So far, Sri Lanka, Mauritius, France, UAE, and Singapore have partnered with India on emerging fintech and payment solutions.