Prime Minister Narendra Modi announced on Thursday that India and France have agreed to use India’s Unified Payments Interface (UPI) payment system in France. This will allow Indian tourists to make rupee payments using UPI from atop the Eiffel Tower and other tourist destinations in France.
UPI is a mobile-based payment system that allows people to make round-the-clock payments through a virtual payment address created by the customer. It is one of the most popular payment methods in India, with over 450 million users.
The agreement between India and France is a significant step in the expansion of UPI to the global market. It is also a boost for Indian innovation, as UPI is a homegrown technology that has been developed by the National Payments Corporation of India (NPCI).
NPCI is in talks with other countries, including the United States, Europe, and West Asia, to extend UPI services. The goal is to make UPI a truly global payment system that can be used by people all over the world.
The launch of UPI in France is a major milestone for the Indian government’s Digital India initiative. It is a sign that India is committed to making digital payments more accessible and convenient for its citizens and tourists.
Here are some additional details about the agreement:
- The agreement was signed by the NPCI and France’s Lyra Network.
- The agreement will allow Indian tourists to make rupee payments using UPI at select merchants in France.
- The agreement is expected to be implemented in the coming months.
The launch of UPI in France is a significant development for the Indian fintech industry. It is a sign that India is committed to making digital payments more accessible and convenient for its citizens and tourists.