UPI in Cyprus: What's Been Agreed, What Works Now, and When It Could Arrive

In India, paying for a cup of chai by scanning a QR code is second nature. So it is natural for Indians in Cyprus to ask: when can I use UPI here? The honest answer is: not yet, but it is coming. Here is what has actually been agreed, what is already working next door in Greece, and what you can use today to send money home.

What has been agreed

• The deal: during Prime Minister Narendra Modi's visit to Cyprus in June 2025, NPCI International, the overseas arm of the body that runs UPI, signed a memorandum of understanding with Eurobank Cyprus to bring cross-border UPI payments to the island.
• The timeline: at a briefing during President Christodoulides' state visit to India on 22 May 2026, India's Ministry of External Affairs said UPI would be operational in Cyprus "from next year", which means 2027. No exact launch date has been announced.
• The bank's foothold in India: a day earlier, on 21 May, Eurobank opened a representative office in Mumbai, the first Cypriot or Greek bank to have an office on Indian soil.

What is already working in Greece

Eurobank has switched on the first stage of the service in Greece. Indian customers who bank with Eurobank there can now send money to anyone in India who uses UPI, straight from the bank's app, with the payment arriving in real time. The bank describes this as the first step in its partnership with NPCI International and says the Cyprus service will follow at a later stage.

What the Cyprus version will include is still unclear. The announcements talk about cross-border payments and sending money to India; they do not yet say whether Indian visitors will be able to scan and pay in Cypriot shops, as they already can in some other countries.

What you can use today

Until UPI arrives, the main new option on the island is Bank of Cyprus, which since September has offered payments and transfers directly in Indian rupees for personal and business customers. That means money can go to India in rupees from the start instead of passing through another currency on the way. The bank has not published its exchange rates or fees, so ask at your branch before you switch.

What this means for you

• Sending money home: for now, compare the total cost of each option, including the exchange rate and not just the fee. Small differences add up over a year of monthly transfers.
• Already a Eurobank customer? Watch your app and the bank's announcements. When the Cyprus service goes live, it is likely to appear there first.
• Stay safe: UPI in Cyprus is not live yet, so treat anyone offering "UPI transfers from Cyprus" through informal channels with caution. Use licensed banks and money-transfer providers only.
• Visitors from India: relatives coming over on holiday should not count on UPI here this winter. Bring a card that works abroad and some euros.
• Businesses: Eurobank's Mumbai office and its India–Greece–Cyprus Business and Investment Council are aimed at companies trading between India and the EU, which could be worth a look if you run a business here.

We will update this article as soon as a Cyprus launch date is confirmed.

Read also: Sending Money Home? Bank of Cyprus Now Handles Payments in Indian Rupees

Sources: Asianet Newsable (MEA briefing), The Pioneer, Cyprus Mail (May 2026), Cyprus Mail (July 2026), Politis, Business Today, Cyprus Mail (September 2026)