New Delhi, Feb 29 (KNN) NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), and Eurobank, a leading Greek bank, have inked a Memorandum of Understanding (MoU) aimed at enhancing cross-border payments through the UPI platform.

The announcement comes after Greek Prime Minister Kyriakos Mitsotakis' recent visit to India, during which he held bilateral discussions with Indian Prime Minister Narendra Modi.

A joint press release issued on Thursday highlights that the MoU is geared towards revolutionising international money transfers, particularly focusing on streamlining remittances from Greece to India.

The agreement lays the groundwork for a strategic alliance wherein both entities will serve as primary points of contact to facilitate foreign inward remittance transactions from Greece to India.

According to the release, this collaborative initiative will position Greece as one of the pioneering European countries to enable the Indian diaspora residing in Greece to conduct swift and seamless remittances to India utilising UPI rails.

The Indian government has underscored its commitment to ensuring that the advantages of UPI extend beyond India's borders. Notably, countries like Sri Lanka, Mauritius, France, UAE, and Singapore have already partnered with India on emerging fintech and payment solutions.

(KNN Bureau)