Indias UPI Network Expands to Cyprus, Services Set to Launch Next Year

New Delhi, May 22: India’s Ministry of External Affairs announced on Friday that the Unified Payments Interface (UPI) will commence operations in Cyprus next year. This marks a significant expansion of India’s digital payments ecosystem in Europe.

During a media briefing, Secretary (West) Sibi George stated that the rollout of UPI in Cyprus was one of the key outcomes of discussions held during Prime Minister Narendra Modi’s official visit to the Mediterranean nation in June 2025.

The launch follows the signing of a Memorandum of Understanding (MoU) between NPCI International Payments Limited and Eurobank Cyprus, aimed at facilitating cross-border payments using India’s real-time payment platform.

Prime Minister Modi will be the first Indian Prime Minister to visit Cyprus in over two decades, with his trip scheduled for June 15-16, 2025.

During this visit, PM Modi and Cyprus President Nicos Christodoulides engaged in detailed discussions to enhance bilateral cooperation in trade, investment, maritime security, defense, financial connectivity, technology, education, and cultural exchange.

Both leaders also participated in a business roundtable in Limassol, focusing on deepening India-Cyprus strategic relations through delegation-level talks.

According to the Ministry of External Affairs, the two countries have agreed to work on a comprehensive joint action plan for 2025-29 to guide future bilateral cooperation.

The expansion into Cyprus further boosts the growing global presence of UPI. France became the first European country to adopt UPI, with services launched at the Eiffel Tower in February 2024.

Countries such as the United Arab Emirates, Singapore, Sri Lanka, Mauritius, Nepal, Bhutan, and Oman have also initiated UPI-based transactions or collaborations.

NIPL has signed agreements with Peru, Namibia, and Trinidad and Tobago to assist in establishing UPI-like digital payment systems in those nations.

Sibi George emphasized the significance of the Cyprus visit, noting its alignment with Cyprus’s presidency of the European Union Council. He also mentioned that Cyprus plans to open a trade office in Mumbai and reiterated its support for India’s fight against cross-border terrorism.