Unified Payments Interface (UPI) to Launch in Cyprus Next Year
UPI To Be Operational in Cyprus From Next Year, MEA Confirms
Times Now News
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The Unified Payments Interface (UPI), India's instant online payment system, will be operational in Cyprus starting next year. This follows a memorandum of understanding between NPCI International Payments Limited and Eurobank Cyprus, aiming to facilitate cross-border payments. The announcement was made during a visit by Cyprus President Nikos Christodoulides to India.
- 01The MoU between NPCI International Payments Limited and Eurobank Cyprus was finalized during Prime Minister Narendra Modi's visit to Cyprus on June 15-16, 2025.
- 02Cyprus is the latest European country to adopt UPI, following France, which began UPI payments at the Eiffel Tower in February 2024.
- 03UPI is already functional in several countries including the UAE, Singapore, Sri Lanka, and Nepal, enhancing its global reach.
- 04During the visit, Cyprus announced the opening of a trade office in Mumbai and expressed support for India in combating cross-border terrorism.
- 05A strategic MoU was signed between NSE International Exchange and the Cyprus Stock Exchange to facilitate cross and dual listings.
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India's Unified Payments Interface (UPI) will be operational in Cyprus from next year, as confirmed by Sibi George, Secretary (West) of the Ministry of External Affairs (MEA). This development follows a memorandum of understanding (MoU) signed between NPCI International Payments Limited and Eurobank Cyprus to enable cross-border payments. The agreement was finalized during Prime Minister Narendra Modi's visit to Cyprus on June 15-16, 2025, marking the first Prime Ministerial trip to the nation in over two decades. The discussions between PM Modi and Cyprus President Nikos Christodoulides focused on enhancing cooperation across various sectors, including trade, investment, and defense. UPI's launch in Cyprus adds to its expanding international presence, which includes acceptance in France, the UAE, Singapore, and several South Asian countries. The introduction of UPI in Cyprus is expected to facilitate smoother transactions for tourists and businesses, further strengthening the fintech collaboration between India and Cyprus. Additionally, during the visit, a trade office was announced in Mumbai, and a strategic MoU was signed to enable cross and dual listings on stock exchanges.
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The introduction of UPI in Cyprus will simplify payment processes for Indian tourists and businesses operating in Cyprus, enhancing financial connectivity.
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