Prelims: Current events of national and international importance | Economy
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
