Eurobank has launched its first cross-border payment from Greece to India through the Unified Payments Interface (UPI), marking a new step in the bank’s international expansion and its strategy to strengthen financial ties between Europe and India.
The transaction, completed in cooperation with NPCI International, follows the launch of Eurobank’s new payment service. The inaugural payment was made in the presence of India’s Commerce and Industry Minister Piyush Goyal, Eurobank Chief Executive Fokion Karavias and senior executives from NPCI International.
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A Strategic Bet On India’s Digital Payments Ecosystem
According to Eleftherios Vlachogiannis, Eurobank’s head of transaction banking, the service currently supports outgoing payments by Indian citizens living in Greece to recipients in India, representing the first phase of a broader collaboration with NPCI International.
UPI is operated by NPCI International. By integrating the system into its e-banking platform and mobile app, Eurobank enables customers to make real-time transfers.
“The most important aspect is the philosophy behind the initiative,” Vlachogiannis said. “Instead of creating another closed payment system, we are integrating mature and internationally recognised payment ecosystems into the bank’s services so customers enjoy a simple, secure and modern transaction experience.”
He added: “Innovation creates value when it delivers a genuine benefit for the customer.”
Building A Financial Bridge Between Europe And India
The UPI launch follows Eurobank’s opening of a representative office in Mumbai, making it the first Greek and Cypriot bank with a physical presence in India. The bank has also expanded its presence through the India-Greece-Cyprus Business and Investment Council, a technology centre in Pune and partnerships with Indian institutions.
Vlachogiannis said India’s economic growth and closer ties with the European Union support the bank’s long-term strategy. He also pointed to progress in negotiations on the EU-India Free Trade Agreement.
Mumbai Office Serves As A Regional Business Hub
Eurobank’s Mumbai office supports businesses seeking to establish operations between India, Greece, Cyprus and the wider European market. It provides access to banking services, business networks and market support.
For Greek companies expanding into India, the bank offers international payments, foreign exchange management, trade finance and supply chain finance. Indian businesses investing in Greece, Cyprus or elsewhere in the European Union can also access financing and corporate banking services through Eurobank.
Aiming To Strengthen The India-Europe Corridor
Looking ahead, Eurobank said it will continue investing in technology, international payments, trade finance and partnerships with Indian organisations.
“Our ambition is to act not only as a banking services provider but also as a strategic partner for businesses and investors seeking to benefit from the opportunities created by this dynamic market,” Vlachogiannis said.
