The National Payments Corporation of India (NPCI) created the Unified Payments Interface, an instant payment system, in 2016.
At the famous Eiffel Tower on Friday, India formally launched UPI, describing it as carrying out Prime Minister Narendra Modi’s “vision of taking UPI global.”
To make it easier for UPI payments to be accepted in France, NPCI International Payments (NIPL) has teamed up with Lyra, a proximity payments and e-commerce firm based in France. Starting with the Eiffel Tower, the strategic partnership guarantees a smooth integration of the UPI payment method.
Boost for India-France Partnership
India’s UPI can be used for retail payments in France thanks to a July-starting partnership between France and India in the digital payments space. France is now recognized as the leader in embracing UPI across the European Union thanks to this historic deal.
Indian visitors to the Eiffel Tower make up the second largest group of foreign visitors, so the UPI payment system provides a practical and recognizable way to make payments. Indian visitors would have a better overall experience because all it takes is a quick scan of a QR code on the merchant’s website to begin payments.
On January 26, Prime Minister Modi asked French President Emmanuel Macron to attend India’s 75th Republic Day celebrations as the Chief Guest. The occasion honored the milestone year of their Strategic Partnership and demonstrated the renewed connections between France and India.
“UPI was formally launched during the Republic Day Reception at the renowned Eiffel Tower. Implementing PM @narendramodi’s declaration & the ambition of taking UPI worldwide,” the Indian Embassy in France’s official X handle wrote alongside event photos.
What will the global launch mean for India’s UPI?
Plans are ongoing to expand UPI payments to additional retailers and tourist businesses in France and eventually throughout Europe, even as the Eiffel Tower becomes the leader. This development is consistent with the overall goal of establishing UPI as a widely used payment method. PM Modi responded to the inauguration by expressing his happiness and said that it is a big step toward making UPI a worldwide phenomenon. He welcomed the occasion as a superb illustration of advancing digital payments and strengthening ties between nations.
About UPI
India’s mobile-based payment system, known as UPI, enables users to make 24-hour payments using a virtual payment address that they have registered. UPI is a system that integrates various banking functions, smooth fund routing, and merchant payments under one roof by enabling numerous bank accounts into a single mobile application (of any participating bank).
UPI, according to the NPCI, is a system that integrates various banking functions, smooth fund routing, and merchant payments under one roof by connecting numerous bank accounts to a single mobile application (of any participating bank).
The official handle X wrote, “The new energy in India-France ties from a historic year in the Strategic Partnership visible at 75th Republic Day reception!” and praised Government Spokesperson Prisca Thevenot, the Minister Delegate in charge of Democratic Renewal, for honoring the occasion. It also expressed gratitude to the parliamentarians, business executives, academics, Indian friends, and Indians living in France.
The first retailer in France to accept UPI payments is Eiffel Tower. It is anticipated that the service will grow to include additional retailers and tourism-related merchants throughout France and Europe, thereby advancing digital commerce.
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