On the occasion of the visit to Greece by the Honorable Shri Piyush Goyal, India’s Minister of Commerce and Industry, Eurobank held a live demonstration at Eurobank Headquarters in Athens of its cross-border payment service from Greece to India.
As noted in the relevant press release, the demonstration highlighted the integration of the Eurobank Mobile App with India’s Unified Payments Interface (UPI), enabling simple, secure, fast, and efficient cross-border payments. The live demonstration was attended, among others, by the Indian Ambassador to Greece, His Excellency Shri Ravi Shankar, as well as members of the Indian business delegation accompanying the Minister during his visit to Greece.
The Bank was represented by the Chairman of the Board of Directors, Mr. George P. Zanias, the Chief Executive Officer, Mr. Fokion Karavias, and the Deputy Chief Executive Officers, Messrs. Stavros Ioannou and Konstantinos Vassiliou, while the President & CEO of Fairfax Digital Services, Mr. Sanjay Tugnait, was also present.
The initiative highlighted the opportunities created by Eurobank’s strategic partnership with NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), to strengthen cross-border connectivity between Greece, Cyprus, and India, by leveraging modern digital infrastructure that facilitates transactions and strengthens the interconnection of the two markets.
According to the International Monetary Fund (IMF) report *Growing Retail Digital Payments (The Value of Interoperability) (June 2025), the Unified Payments Interface (UPI) is the world’s largest fast payment system (FPS) in terms of transaction volume. Furthermore, according to ACI Worldwide’s “Prime Time for Real-Time 2024” report, UPI accounts for approximately 49% of the total transaction volume processed through real-time payment systems worldwide.
India’s Minister of Commerce and Industry, Shri Piyush Goyal, stated: “India’s digital public infrastructure has demonstrated how technology can democratize opportunities, empower every citizen, and usher in what I call a new era of digital democracy.
Through UPI, India has created the world’s largest real-time payment ecosystem, proving that innovation at scale can foster inclusion, trust, and economic growth. “We are particularly pleased with our partnership with Eurobank, through which we are extending this success to Greece and Europe, strengthening trade, investment, and ties between peoples through simple and seamless cross-border digital payments.”
Eurobank CEO Mr. Fokion Karavias noted: “Today’s presentation marks yet another important milestone in the strategic partnership we are developing with India. Following the recent opening of our Representative Office in Mumbai, we presented the opportunities created by our partnership with NPCI International for transactions between India and Europe via the UPI infrastructure.
The presence of India’s Honorable Minister of Commerce and Industry, as well as the Indian business delegation, underscores the strengthening of economic ties between India and Europe. Eurobank remains committed to fostering trade, investment, and connectivity, further strengthening the role that Greece and Cyprus play as strategic gateways to the European market.”
The President & CEO of Fairfax Digital Services, Mr. Sanjay Tugnait, stated: “The world’s two oldest democratic traditions continue to shape the future: Greece gave the world democracy, while India is now leading the way in digital democracy through UPI. Together with NPCI International, Eurobank is bringing this innovation to Europe, enabling faster and more secure cross-border payments.
This collaboration reinforces Greece’s role as a natural gateway for India’s ever-strengthening cooperation with Europe, at a time when India and the European Union are moving toward what has been described internationally as the “Mother of All Trade Deals.”
Eurobank is the first bank in Europe to launch a cross-border payment service from Greece to India via UPI, as well as the first Greek and Cypriot bank with a physical presence in the Indian market.
Through these initiatives, the Bank further strengthens its role as a key link between India and Europe, with Greece and Cyprus serving as strategic gateways for trade and investment between the two markets, while supporting the development of trade and investment relations and actively contributing to the promotion of the India–Middle East–Europe Economic Corridor (IMEC).
Following the presentation, the Bank’s Management hosted a working dinner in honor of the Honorable Shri Piyush Goyal, India’s Minister of Commerce and Industry, attended by the heads of leading Greek companies and representatives of the business delegation accompanying the Minister during his visit to Greece.
During the discussions, the prospects for further strengthening trade and investment relations between India and Europe were highlighted, as well as opportunities for developing partnerships in the fields of technology, innovation, and digital transformation.
Earlier that same day, the Bank hosted a working breakfast in honor of the Indian business delegation, during which Eurobank’s relevant initiatives and the prospects for the Greek economy were presented.