India’s UPI to become operational in Cyprus next year
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India’s Unified Payments Interface will become operational in Cyprus from next year, the Ministry of External Affairs said on Friday, marking a major expansion of India’s digital payment network overseas.
The announcement came during Cypriot President Nikos Christodoulides’ four-day State Visit to India from May 20 to May 23 at the invitation of Prime Minister Narendra Modi.
Addressing a special briefing on the visit, MEA Secretary (West) Sibi George said the launch of UPI in Cyprus would deepen bilateral ties and improve financial connectivity between the two countries.
“UPI will become operational in Cyprus from next year, which is a significant step forward,” George said.
The MEA also pointed to growing economic ties between the two countries. Cyprus is currently the ninth-largest source of foreign direct investment into India and the second-largest within the European Union after the Netherlands, with cumulative investments of nearly $16 billion since 2000.
According to the ministry, Cypriot investments are spread across sectors including services, software and hardware, automobiles, manufacturing, cargo handling, construction, shipping, and pharmaceuticals.
George said defence and maritime cooperation have also become important areas of engagement between India and Cyprus.
He added that the Bilateral Defence Cooperation Programme 2026 was signed in Nicosia to create a structured framework for expanding defence ties.
President Christodoulides, whose country currently holds the presidency of the Council of the European Union, described Cyprus as a reliable bridge between India and the European Union. He also expressed strong support for the India-Middle East-Europe Economic Corridor.
