New Delhi/Nicosia | June 2025 — In a landmark development aimed at enhancing digital connectivity and financial inclusion, India and Cyprus have signed a Memorandum of Understanding (MoU) to enable the introduction of India’s Unified Payments Interface (UPI) in Cyprus. This agreement marks another significant step in the global expansion of UPI and further deepens the growing bilateral partnership between the two countries.
A Digital Bridge Across Borders
The MoU was signed between India’s National Payments Corporation of India (NPCI) International and the Central Bank of Cyprus, with representatives from both governments present. This collaboration will allow Indian tourists, businesses, and residents in Cyprus to seamlessly access UPI-based mobile payment services. The initiative also opens up new avenues for Cypriot citizens and businesses to engage in fast, secure, and cost-effective digital transactions using a world-class payment infrastructure.
Key Benefits and Strategic Importance
- 📲 Real-Time Payments: UPI enables instant money transfers between bank accounts using mobile apps, eliminating the need for complex banking details.
- 🌐 Boost for Cross-Border Transactions: Indian travelers, students, and businesses in Cyprus can make payments without foreign transaction fees or delays.
- 💼 Support for MSMEs & Tourism: Cyprus-based vendors and service providers gain access to a wider base of digital-first Indian consumers.
- 🇮🇳🤝🇨🇾 Bilateral Cooperation: Strengthens India–Cyprus economic and technological relations, particularly in fintech innovation and digital governance.
UPI’s Expanding Global Footprint
India’s UPI platform has emerged as a global model for real-time payments. With this agreement, Cyprus joins a growing list of countries—including Singapore, UAE, France, and Sri Lanka—that have adopted or are integrating UPI into their domestic financial systems.
A senior official from NPCI International stated:
“The expansion of UPI to Cyprus reflects India’s commitment to building global digital public infrastructure and advancing inclusive financial ecosystems worldwide.”
Cyprus: A Strategic Gateway
Cyprus, a member of the European Union and a popular destination for Indian students and businesses, is poised to benefit from the seamless integration of UPI. The partnership also underscores the potential of using digital finance to enhance remittances, tourism services, and cross-border B2B payments between India and Europe.
Looking Ahead
With technical integration and regulatory groundwork now underway, UPI-based services are expected to be rolled out in Cyprus over the coming months. This collaboration not only enables frictionless payments but also sets the stage for future innovations in digital finance between India and the EU region.
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