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PM Modi states India & France reach agreement to implement UPI in France

EconomyPM Modi states India & France reach agreement to implement UPI in France

Indian travelers received positive news as Prime Minister Narendra Modi confirmed that they would soon be able to utilize UPI for payments in France.

Addressing the Indian community in France, he revealed that Indian tourists would initially have the option to purchase tickets in Indian rupees for the first and second levels of the Eiffel Tower in Paris through Unified Payments Interface, (UPI).

During his address, PM Modi stated, “India and France have reached an agreement to implement UPI in France. In the coming days, it will commence with the Eiffel Tower, enabling Indian tourists to make payments in rupees.” This development ensures that Indian visitors to France will now enjoy the convenience of conducting transactions using their own currency.

The inclusion of UPI in France brings forth promising opportunities for Indian travelers. With the implementation of UPI, they will no longer be burdened by the need for complicated forex cards or the hassle of carrying substantial amounts of cash. Instead, they can effortlessly make payments using their mobile phones, ensuring a seamless and convenient transaction experience.

During his visit to France, Prime Minister Narendra Modi engaged in fruitful discussions with French counterpart Elisabeth Borne and Senate President Gerard Larcher. The meetings primarily concentrated on bolstering the multifaceted cooperation and reinforcing the longstanding strategic partnership between India and France.

India’s UPI system revolutionizes banking by consolidating multiple bank accounts into a single mobile application. Users can effortlessly access various banking features, conduct seamless fund transfers, and make payments to merchants. Additionally, it facilitates scheduled peer-to-peer collection requests, offering enhanced convenience.

The National Payments Corporation of India (NPCI) initiated a pilot launch of UPI in April 2016, involving 21 member banks. Since then, UPI usage has witnessed exponential growth. Even small-scale vendors, including tea sellers, now accept UPI payments for minimal amounts like Rs 5 or Rs 10.

In 2022, NPCI signed a significant memorandum of understanding (MoU) with Lyra, a fast and secure online payment system in France. UPI further expanded its reach by forging an agreement with PayNow, Singapore’s renowned payment system, enabling cross-border transactions between the two countries.

The success of UPI extends beyond India, with its adoption by the United Arab Emirates (UAE), Bhutan, and Nepal. Currently, NPCI International is engaged in discussions to extend UPI services to the United States, other European countries, and nations in West Asia.

The introduction of UPI in France signifies another remarkable milestone in India’s quest to broaden the accessibility of its innovative payment system. Not only does it enhance convenience for Indian tourists, but it also strengthens the digital payment ties between India and France, fostering a closer partnership in this domain.

UPI is a real-time payment system developed by the National Payments Corporation of India

UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI), and it is primarily used for peer-to-peer transactions within India.

However, it’s worth noting that UPI has gained recognition as a robust and innovative payment system, and its success has garnered interest from other countries and organizations. There have been discussions and explorations of UPI’s potential applicability or collaboration with other countries’ payment systems, but specific agreements with France have not been reported cutoff.

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