In a recent development, India’s NPCI International Payments (NIPL) has teamed up with Greek bank Eurobank to enable inward remittances from Greece through the Unified Payments Interface (UPI).

What Happened: As per an Economic Times report on Thursday, NIPL, the global business strategy arm of the National Payments Corporation of India, signed a memorandum of understanding with Eurobank. NIPL’s CEO Ritesh Shukla, Eurobank’s CEO Fokion Karavias, and senior Greek government officials attended the signing ceremony held at the Embassy of Greece in New Delhi.

See also: Reliance And Disney’s Mega-Merger Likely To Command 85% Of India’s OTT Space

The collaboration will enable the two entities to manage fund settlement, reconciliation, and dispute resolutions within their respective jurisdictions. This initiative makes Greece one of the first European countries to offer seamless remittances to India via UPI for its Indian diaspora.

“It showcases the versatility and strength of UPI within the international financial landscape, paving the way for strengthening India-Greece economic ties through enhanced remittance flows,” said Shukla.

Why It Matters: The partnership comes after UPI was launched in France earlier in February, allowing Indian tourists to buy Eiffel Tower tickets using the payment interface. NIPL has been actively expanding its global footprint, establishing relationships with several countries, including Bhutan, Sri Lanka, China, and Singapore. These collaborations have led to the acceptance of UPI and RuPay as payment methods in these nations, further strengthening India’s position in the global financial ecosystem.

Read next: Why United Breweries Shares Are Making A Late Surge Today