Context:
Unified Payments Interface (UPI) services have gone live in Greece through a Eurobank–NIPL partnership. The launch marks another step in the global expansion of India’s digital payments ecosystem and supports stronger India–Greece economic cooperation.
Explanation:
- Unified Payments Interface (UPI) is an instant real-time digital payment system developed by National Payments Corporation of India (NPCI).
- It enables bank-to-bank money transfer using mobile phones through Virtual Payment Address (VPA), QR code or mobile number.
- NPCI International Payments Limited (NIPL) is the international arm of NPCI, responsible for taking UPI and RuPay abroad.
- UPI supports interoperability, meaning different banks and payment apps can work on one common platform.
- It is based on Immediate Payment Service (IMPS) infrastructure and enables 24×7 instant payments.
- Global adoption of UPI helps Indian travellers, diaspora and businesses make low-cost, secure and faster transactions abroad.
- UPI is already live in UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, Cambodia and Qatar.
- UPI’s expansion reflects India’s Digital Public Infrastructure (DPI) model.
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