Paris, France – Prime Minister Narendra Modi announced today that India’s highly successful Unified Payments System (UPI) will soon be available for use in France, marking a significant milestone in bilateral cooperation between the two nations. Addressing the Indian community in Paris, PM Modi shared the exciting news and expressed his optimism about the immense possibilities this collaboration would unlock, reports Hindustan Times.
“India and France have reached an agreement to introduce UPI in France, and the commencement of this service will be symbolized by the Eiffel Tower, one of the world’s most iconic landmarks. This means that Indian tourists visiting France will now have the convenience of making payments in rupees,” stated PM Modi, highlighting the significance of UPI’s global expansion.
The integration of UPI in France holds tremendous potential, revolutionizing the spending habits of Indians abroad. With UPI’s seamless functionality, travelers will bid farewell to cumbersome forex cards and the need to carry excessive cash while exploring the charming streets of France.
PM Modi’s visit to France commenced with productive discussions alongside his French counterpart, Elisabeth Borne, and Senate President Gerard Larcher. The leaders engaged in comprehensive deliberations, exploring avenues to invigorate India’s multi-dimensional collaboration and its enduring strategic partnership with the key European nation.
India’s UPI system amalgamates multiple bank accounts into a single mobile application, streamlining various banking services, facilitating effortless fund transfers, and enabling convenient merchant payments. Furthermore, it offers the convenience of “peer-to-peer” collect requests, which can be scheduled and fulfilled according to individual preferences and requirements.
The National Payments Corporation of India (NCPI) initiated a pilot launch of UPI in April 2016, collaborating with 21 member banks. Since then, the usage of UPI has witnessed exponential growth, with even street vendors accepting UPI payments for small transactions as low as ₹5 or ₹10, such as purchasing a cup of tea.
In 2022, NPCI signed a Memorandum of Understanding (MoU) with France’s fast and secure online payment system, Lyra, further expanding the reach of UPI. This year, UPI formed another significant partnership with Singapore’s PayNow, enabling users from both countries to engage in cross-border transactions seamlessly.
#India and #France have agreed to use #UPI in France. In the coming days, it will begin from the Eiffel Tower which means Indian tourists will now be able to pay in rupees, says Prime Minister @narendramodi while addressing the Indian community in Paris#ModiInFrance @PMOIndia pic.twitter.com/fBei25hX40
— DD India (@DDIndialive) July 13, 2023
The success of UPI has already extended beyond India’s borders, with the UAE, Bhutan, and Nepal having already embraced this innovative payments system. Furthermore, NPCI International is currently in discussions to introduce UPI services in the United States, various European countries, and the countries of West Asia, aiming to foster financial inclusion and transform the global payments landscape.
As India’s UPI prepares to venture into France, the Eiffel Tower will serve as a testament to the growing collaboration between the two nations. This milestone not only enhances the ease of financial transactions for Indian tourists but also underscores the role of UPI in driving financial digitization on a global scale. With UPI’s expansion into France, it is evident that this revolutionary payments system continues to transcend borders and revolutionize the way people across the world engage in financial transactions.
