Athens, Greece. Eurobank said it has launched the first cross-border payment from Greece to India through the Unified Payments Interface, describing the move as a step toward strengthening economic ties between Europe and India. The bank said the service also reinforces its role as a financial bridge between the two markets.
Service launch and partnership
The milestone follows the activation of the payment service in cooperation with NPCI International, according to Eurobank’s head of transaction banking, Eleftherios Vlachogiannis, in an interview with the Athens News Agency.
The inaugural transaction took place in the presence of India’s Commerce and Industry Minister Piyush Goyal, Eurobank chief executive officer Fokion Karavias and executives from NPCI International.
The initiative is part of Eurobank’s strategic partnership with NPCI International and follows the opening of the bank’s representative office in Mumbai, making Eurobank the first Greek and Cypriot bank with a physical presence in India.
Broader ties with India
Eurobank said it has also worked to deepen economic ties between Europe and India through its participation in the India-Greece-Cyprus Business and Investment Council, the establishment of a technology centre in Pune and partnerships with major Indian organisations.
Current scope of the UPI service
Vlachogiannis said the newly launched UPI service currently supports outgoing payments by Indian citizens living in Greece to recipients in India. He described it as the first stage of the bank’s broader collaboration with NPCI International, the organisation behind what he called the world’s largest instant digital payments system.
He said the service is fully integrated into Eurobank’s e-banking platform and mobile application, allowing Indian customers to send payments to anyone participating in the UPI ecosystem securely, at competitive cost and with real-time settlement.
Bank’s stated approach
“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 said.
“Innovation creates value when it delivers a genuine benefit for the customer,” he added.