India's UPI will launch in Cyprus next year after an MoU was signed between NPCI International and Eurobank Cyprus during PM Modi's visit. The move aims to boost financial connectivity and is part of a wider India-EU engagement strategy.
Unified Payments Interface will be operational in Cyprus from next year, Sibi George, Secretary (West) in the Ministry of External Affairs (MEA), informed the media during a press briefing on Friday. "One of the importan elements (of the talks), the UPI will be operational in Cyprus from next year..." George said in the press briefing.
The rollout follows an MoU signed between NPCI International Payments Limited and Eurobank Cyprus to enable cross-border payments through India's real-time payments system. The agreement was finalized during Prime Minister Narendra Modi's official visit to the Republic of Cyprus on June 15-16, 2025 -- the first Prime Ministerial trip in over two decades.
Bilateral Talks and Strategic Partnership
PM Modi and President Nikos Christodoulides held wide-ranging discussions in New Delhi focused on enhancing cooperation in trade and investment, defence, maritime security, financial connectivity, technology and innovation, mobility, education, culture, and India-EU engagement.
The leaders participated in a business roundtable in Limassol on June 15 and held delegation-level talks the next day, reaffirming the strong and enduring partnership between India and Cyprus.
UPI's Global Footprint Expands
The Cyprus launch adds to UPI's growing international footprint. France became the first European country to accept UPI, with payments going live at the Eiffel Tower in February 2024. The UAE has rolled out UPI acceptance across major merchant networks, while Singapore linked UPI with PayNow in 2023 for cross-border remittances. Sri Lanka, Mauritius, Nepal, Bhutan, and Oman also support UPI for merchant payments.
NIPL has signed MoUs with Peru, Namibia, and Trinidad & Tobago to help develop UPI-like real-time payment systems.
Other Key Outcomes of the Visit
Secretary Sibi George said the visit is especially important as it is taking place during Cyprus's presidency of the Council of the European Union. He added that Cyprus has announced the opening of a trade office in Mumbai and consistently supported India in the fight against cross-border terrorism.
President Christodoulides also paid homage to the victims of the 26/11 terrorist attacks at the Taj Palace Hotel in Mumbai.
Other outcomes from the visit include a strategic MoU between NSE International Exchange and the Cyprus Stock Exchange to enable cross and dual listings, and an MoU to establish a Chair of Indian Studies at the University of Nicosia.
Both sides agreed to work towards a comprehensive Joint Action Plan for 2025-29 to guide bilateral relations.
With UPI set to go live in Cyprus next year, India's digital payments ecosystem takes another step into Europe, easing transactions for tourists, students, and businesses while deepening fintech collaboration between the two countries.
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