Eurobank launches UPI-linked remittance service from Greece for Indian customers – Firstpost

Greek lender Eurobank has launched a UPI-based remittance service for Indian customers in Greece, marking another step in the global expansion of India’s digital payments infrastructure and offering near-instant money transfers at relatively low cost.

The service, which went live earlier this week, allows Indian customers holding accounts with Eurobank in Greece to transfer funds directly to India through UPI-linked payment systems.

The initiative follows a Memorandum of Understanding (MoU) signed in early 2024 between NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India, and Eurobank to strengthen cross-border payment connectivity using the Unified Payments Interface (UPI) platform.

“There will be a charge, which will be kept at a minimum level, largely to cover the operational cost of the platform,” Stavros Ioannou, deputy chief executive officer, group chief operating officer and head of international activities at Eurobank SA, said on Wednesday.

Ioannou said the platform was developed through interoperability between Eurobank’s banking systems and NPCI’s payment infrastructure, enabling seamless and near real-time remittance flows from Greece to India.

The facility is currently available only to Indian customers in Greece who maintain accounts with Eurobank and support inward remittances to India. The bank said the initiative is aimed at simplifying money transfers for the Indian diaspora living and working in Greece.

The launch highlights India’s broader push to internationalise UPI, which has rapidly evolved from a domestic retail payments platform into a key component of the country’s digital and financial outreach strategy. Indian authorities have been expanding partnerships with foreign banks and payment providers to enable faster and cheaper cross-border transactions for businesses, tourists and overseas Indian communities.

For banks and consumers alike, the appeal lies in reducing dependence on traditional remittance channels that are often slower and more expensive because of intermediary banking networks and processing delays.

The development also comes as Eurobank deepens its engagement with India. The bank is set to open its first representative office in the country during the visit of Cyprus President Nikos Christodoulides to Mumbai on Thursday.

According to the bank, the India office will support cross-border transactions, facilitate business opportunities and help strengthen commercial and financial flows between India, Greece and Cyprus.