“PM Modi Announces India’s UPI Usage To Begin At Eiffel Tower, France”.
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“PM Modi Announces India’s UPI Usage To Begin At Eiffel Tower, France”.

France India

During his address to the Indian community in Paris, Prime Minister Narendra Modi announced that France is set to embrace India’s highly successful Unified Payments System (UPI). This significant development, resulting from a bilateral agreement between the two countries, will bring UPI to France, starting from the iconic Eiffel Tower itself. The implementation of UPI in France means that Indian tourists visiting the country will now have the convenience of making payments in Indian rupees.

The integration of UPI in France is expected to revolutionize the spending habits of Indian travelers, eliminating the need for cumbersome forex cards or carrying cash. This move ushers in a new era of seamless and hassle-free transactions for Indians abroad.

Prime Minister Modi’s visit to France commenced with fruitful discussions with French counterpart Elisabeth Borne and Senate President Gerard Larcher. The primary objective of these meetings was to invigorate India’s multifaceted cooperation and strengthen its longstanding strategic partnership with France. The discussions centered on exploring innovative avenues to further enhance the bilateral ties between the two nations.

The National Payments Corporation of India (NCPI) introduced the groundbreaking UPI, which consolidates multiple bank accounts into a single mobile application accessible across participating banks. UPI seamlessly combines various banking features, enabling effortless fund routing and merchant payments. Moreover, it facilitates “peer to peer” collect requests, which can be scheduled and paid as per the user’s convenience and requirements.

Since its pilot launch in April 2016 with 21 member banks, UPI has witnessed exponential growth, surpassing all expectations. The system’s reach has extended to even the most grassroots levels, with street vendors accepting UPI payments for as little as ₹5 or ₹10 for a cup of tea.

In 2022, the NCPI signed a significant Memorandum of Understanding (MoU) with Lyra, France’s fast and secure online payment system. This year, UPI further expanded its global presence by signing an agreement with Singapore’s PayNow, enabling users in both countries to engage in cross-border transactions.

Building on its success, the NCPI is now in talks with international partners to extend UPI services to the United States, other European countries, and West Asia. These ongoing discussions signify the widespread recognition and demand for the UPI system, establishing India as a leader in digital financial innovation.

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