India’s home-grown instant online payments system — Unified Payments Interface (UPI) — will be operational in Cyprus from next year, informed Ministry of External Affairs (MEA) Secretary (West), Sibi George on Friday. Addressing a presser, on the sidelines of Cyprus President Nikos Christodoulides’ India visit, Sibi George said, “One of the important elements (of the talks), the UPI will be operational in Cyprus from next year…” The rollout follows an MoU signed between NPCI International Payments Limited and Eurobank Cyprus to enable cross-border payments through India’s real-time payments system.
The agreement was finalised during Prime Minister Narendra Modi’s official visit to the Republic of Cyprus on June 15-16, 2025 — the first Prime Ministerial trip in over two decades.
PM Modi Discuss Trade, Investment, Defence With Cyprus President
PM Modi and President Nikos Christodoulides held wide-ranging discussions in New Delhi focused on enhancing cooperation in trade and investment, defence, maritime security, financial connectivity, technology and innovation, mobility, education, culture, and India-EU engagement. The leaders participated in a business roundtable in Limassol on June 15 and held delegation-level talks the next day, reaffirming the strong and enduring partnership between India and Cyprus.
France Was First European Country To Accept UPI
The Cyprus launch adds to UPI’s growing international footprint. France became the first European country to accept UPI, with payments going live at the Eiffel Tower in February 2024.
UPI Also Functional in UAE, Singapore, Sri Lanka, Mauritius, Nepal Other Nations
The UAE has rolled out UPI acceptance across major merchant networks, while Singapore linked UPI with PayNow in 2023 for cross-border remittances.
Sri Lanka, Mauritius, Nepal, Bhutan, and Oman also support UPI for merchant payments. NIPL has signed MoUs with Peru, Namibia, and Trinidad & Tobago to help develop UPI-like real-time payment systems.
Secretary Sibi George said the visit is especially important as it is taking place during Cyprus’s presidency of the Council of the European Union. He added that Cyprus has announced the opening of a trade office in Mumbai and consistently supported India in the fight against cross-border terrorism. President Christodoulides also paid homage to the victims of the 26/11 terrorist attacks at the Taj Palace Hotel in Mumbai.
Other outcomes from the visit include a strategic MoU between NSE International Exchange and the Cyprus Stock Exchange to enable cross and dual listings, and an MoU to establish a Chair of Indian Studies at the University of Nicosia. Both sides agreed to work towards a comprehensive Joint Action Plan for 2025-29 to guide bilateral relations.
With UPI set to go live in Cyprus next year, India’s digital payments ecosystem takes another step into Europe, easing transactions for tourists, students, and businesses while deepening fintech collaboration between the two countries.
With inputs from PTI
