Indians in Greece can now benefit from UPI

Greece becomes the first European country to introduce UPI to the Indian diaspora.

The MoU was signed at the Embassy of Greece in New Delhi. / Images - Wikipedia

In welcome news for the Indian diaspora in Greece, they will be able to remit money quick and easily by using UPI (United Payments Interface).

An agreement signed between the NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), and Eurobank, a prominent Greek bank, will improve cross-border payments utilizing UPI system.

The MoU was signed at the Embassy of Greece in New Delhi by Ritesh Shukla, CEO of NIPL, and Fokion Karavias, CEO of Eurobank. It positions Greece as one of the first European countries to enable the Indian diaspora residing in the country to conduct quick and seamless remittances to India using UPI rails.

The agreement aims to simplify remittances from Greece to India, to transform the international money transfer process. Its signing also establishes a strategic alliance where both parties will serve as points of contact for facilitating Foreign Inward Remittance transactions.

“This strategic alliance with Eurobank marks a significant milestone in the expansion of payment technologies built in India beyond our borders,” Shukla said.

“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.”

“We are excited about the prospect of cooperating with NPCI International to leverage its pioneering UPI technology in payments from Greece to India,” Karavias said. “UPI remittances will be particularly useful to the Indian community in Greece. 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.”