UPI adoption in Greece

Why in News?

Recently, Commerce and Industry Minister witnessed the launch of UPI services at Eurobank headquarters in Athens and featured a series of high-level engagements.

• UPI (Unified Payments Interface) – It is India’s mobile-based, real-time payment system.
• It allows instant money transfers between bank accounts using a smartphone app, without needing to enter sensitive bank details each time.
• Purpose – To simplify digital payments by linking multiple bank accounts to one app.
• Developed by – National Payments Corporation of India (NPCI)
• Regulated by – Reserve Bank of India (RBI).
• The system uses Immediate Payment Service (IMPS) and Aadhaar Enabled Payment System (AEPS) for seamless money transfers.
• Mechanism

UPI – Global Expansion

• Partnership – Eurobank (Greece) with NPCI International Payments Ltd. (NIPL).
• Function – Enables instant, secure, low‑cost money transfers for eligible customers.
• Global Acceptance – Reflects trust in India’s technology‑led solutions.
• Other Countries – UPI has already been adopted in countries like Singapore, UAE, France, Sri Lanka, Bhutan, and now Greece.

India–Greece Economic Engagement

• Business Council and Forum – Meetings at Athens Chamber of Commerce and Industry (ACCI).
• Convened – Sectoral Roundtables
  • Infrastructure (energy, ports, logistics, shipbuilding, warehousing, trade, gems and jewellery).
  • Digital innovation and defence.
  • Food processing and agriculture.

Reference

PIB | UPI