UPI expands to Cyprus: services to launch in 2026 after Modi's historic visit
Synopsis
India's UPI is heading to Cyprus in 2026 — its second European market after France — backed by an NPCI International–Eurobank Cyprus MoU signed during PM Modi's historic June 2025 visit. With deals now spanning over a dozen countries and fresh agreements in Peru, Namibia and Trinidad and Tobago, India's payments network is quietly becoming one of its most effective foreign policy tools.
Key Takeaways
UPI will become operational in Cyprus in 2026 , confirmed by the MEA on 22 May .
NPCI International Payments Limited (NIPL) signed an MoU with Eurobank Cyprus to enable the rollout.
PM Modi visited Cyprus on 15–16 June 2025 — the first Indian PM to do so in over two decades.
France remains the first European country to adopt UPI, with services launched at the Eiffel Tower in February 2024 .
UPI is now active or committed in over a dozen countries including the UAE , Singapore , Nepal , Bhutan , Oman , Sri Lanka and Mauritius .
Cyprus announced plans to open a trade office in Mumbai and reaffirmed support for India's stance on cross-border terrorism.
India's Unified Payments Interface (UPI) is set to go live in Cyprus in 2026, the Ministry of External Affairs (MEA) confirmed on Friday, 22 May, marking the payment network's second European footprint after France. The rollout was among the headline outcomes of Prime Minister Narendra Modi's official visit to the Mediterranean island nation in June 2025 — the first by an Indian Prime Minister in over two decades.
The Agreement Behind the Expansion
The Cyprus rollout is backed by a memorandum of understanding signed between NPCI International Payments Limited (NIPL) and Eurobank Cyprus, enabling cross-border transactions through India's real-time payment infrastructure. MEA spokesperson Sibi George confirmed the development at a media briefing, describing it as a direct outcome of the bilateral talks held during Modi's 15–16 June 2025 visit to Cyprus.
During the visit, PM Modi and Cyprus President Nikos Christodoulides held delegation-level talks and participated in a business roundtable in Limassol, covering trade, investment, maritime security, defence, financial connectivity, technology, education and cultural exchanges. Both sides agreed to work toward a comprehensive Joint Action Plan for 2025–29 to structure future bilateral cooperation.
UPI's Growing European Presence
France became the first European country to adopt UPI when services were launched at the Eiffel Tower in February 2024. Cyprus's addition signals a steady westward push for India's payments stack. Sibi George noted that the timing of Modi's Cyprus visit carried added diplomatic weight, coinciding with Cyprus's presidency of the Council of the European Union.
This comes amid a broader pattern of UPI internationalisation. Countries including the United Arab Emirates, Singapore, Sri Lanka, Mauritius, Nepal, Bhutan and Oman have already enabled UPI-based transactions or signed collaboration frameworks. NIPL has additionally inked agreements with Peru, Namibia and Trinidad and Tobago to help build UPI-like domestic payment systems in those countries.
Broader Diplomatic Outcomes
Beyond payments, Cyprus announced plans to open a trade office in Mumbai, a move seen as a concrete step toward deepening commercial ties. Nicosia also reiterated its support for India's position against cross-border terrorism, according to the MEA. The two-day visit was notable for covering an unusually wide agenda — from defence to education — for a bilateral relationship that has historically operated below its potential.
What Comes Next
With UPI now active or committed across more than a dozen countries and two continents, India's payments diplomacy is emerging as a distinct pillar of its foreign policy. The Cyprus go-live date in 2026 will be watched as a test of how quickly UPI can scale in a eurozone-adjacent market. Analysts and industry observers will track whether the Eurobank Cyprus partnership can serve as a template for deeper EU integration of the platform.
Point of View
Coinciding with Cyprus's EU Council presidency, suggests New Delhi is using UPI access as a door-opener in European diplomatic circles. The real question is whether a Eurobank Cyprus partnership can survive the EU's own instant-payments regulatory push, which is forcing member-state banks to build domestic rails. If it can, Cyprus could become a template; if it can't, UPI's European ambitions may stall at the periphery.
NationPress
7 Jul 2026
Frequently Asked Questions
When will UPI services launch in Cyprus?
UPI is expected to go live in Cyprus in 2026, following the signing of an MoU between NPCI International Payments Limited and Eurobank Cyprus. The MEA confirmed the timeline on 22 May.
What agreement enables UPI in Cyprus?
NPCI International Payments Limited signed a memorandum of understanding with Eurobank Cyprus to facilitate cross-border payments using India's real-time UPI platform. The agreement was a key outcome of PM Modi's June 2025 visit to Cyprus.
Is Cyprus the first European country to adopt UPI?
No. France was the first European country to adopt UPI, with services launched at the Eiffel Tower in February 2024. Cyprus will be the second European market for UPI.
What other countries use UPI internationally?
UPI is currently active or has collaboration frameworks in the UAE, Singapore, Sri Lanka, Mauritius, Nepal, Bhutan and Oman. NPCI International has also signed agreements with Peru, Namibia and Trinidad and Tobago to develop UPI-like payment systems.
What else came out of PM Modi's Cyprus visit?
Beyond the UPI agreement, Cyprus announced plans to open a trade office in Mumbai and reaffirmed its support for India's fight against cross-border terrorism. Both countries also agreed to a Joint Action Plan for 2025–29 to guide bilateral cooperation across trade, defence, technology and education.
