On the occasion of the visit to Greece of Honorable Shri Piyush Goyal, Minister of Commerce and Industry of India, Eurobank held at the Eurobank Headquarters in Athens a live demonstration of the cross-border payments service from Greece to India.
As noted in the relevant announcement, the demonstration highlighted the interconnection 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 Ambassador of India 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 Vasileiou, 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, leveraging modern digital infrastructures that facilitate transactions and enhance 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 largest fast retail payments system (Fast Payment System – FPS) worldwide in terms of transaction volume. In addition, according to the Prime Time for Real-Time 2024 report by ACI Worldwide, UPI accounts for approximately 49% of the total transaction volume carried out through real-time payment systems worldwide.
India’s Minister of Commerce and Industry, Shri Piyush Goyal, stated: “India’s digital public infrastructures have 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 payments ecosystem, proving that innovation at scale can strengthen 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’s Chief Executive Officer, Mr. Fokion Karavias, noted: “Today’s presentation constitutes another important milestone in the strategic partnership we are developing with India. Following the recent launch of our Representative Office in Mumbai, we presented the opportunities created by our partnership with NPCI International for transactions between India and Europe through the UPI infrastructure.
The presence of the Honorable Minister of Commerce and Industry of India, as well as the Indian business delegation, underscores the strengthening of economic ties between India and Europe. Eurobank remains committed to strengthening trade, investment and connectivity, further empowering the role played by Greece and Cyprus 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 democracy to the world, while India today leads in digital democracy through UPI. Together with NPCI International, Eurobank is bringing this innovation to Europe, making faster and safer cross-border payments possible.
This partnership strengthens Greece’s role as a natural gateway for India’s steadily growing cooperation with Europe, at a time when India and the European Union are moving toward what has been internationally described as the “Mother of All Trade Deals”.”.
Eurobank is the first bank in Europe to activate a cross-border payments 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 also 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 Honorable Shri Piyush Goyal, Minister of Commerce and Industry of India, with the participation of 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 the possibilities for developing partnerships in the fields of technology, innovation and digital transformation.
Earlier the same day, the Bank hosted a working breakfast in honor of the Indian business delegation, during which Eurobank’s relevant initiatives and the prospects of the Greek economy were presented.