India-Cyprus Sign MoU to Enable UPI Services for Cross-Border Payments
In a major boost to India’s digital payment diplomacy, the National Payments Corporation of India (NPCI) signed a Memorandum of Understanding (MoU) with Eurobank of Cyprus to introduce Unified Payments Interface (UPI) services in Cyprus. The agreement, finalized during Prime Minister Narendra Modi’s visit to Cyprus, aims to streamline cross-border transactions, particularly benefiting tourists, businesses, and investors.
The MoU marks a significant milestone in India’s digital outreach and fintech diplomacy, furthering the global acceptance of UPI. It was one of the key economic outcomes from PM Modi’s recent visit to Cyprus, aimed at strengthening bilateral ties, especially in the financial, trade, and digital sectors.
Launch of the India-Greece-Cyprus Business and Investment Council to strengthen trilateral cooperation in,
PM Modi emphasized India’s focus on,
| Summary/Static | Details |
| Why in the news? | MoU Signed Between NPCI & Eurobank of Cyprus |
| Purpose | Enable UPI for cross-border transactions |
| Key Benefits | Easier payments for tourists, trade facilitation |
| Trade Value (2023-24) | $137 million |
| FDI Inflows from Cyprus | $15 billion (cumulative) |
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