In a momentous announcement, Prime Minister Narendra Modi revealed that India’s highly acclaimed Unified Payments System (UPI) will be introduced in France. Speaking to the Indian community in Paris, PM Modi shared that India and France have reached an agreement to embrace UPI in the country, starting with its deployment at the renowned Eiffel Tower. This development will enable Indian tourists to make payments in their native currency, the rupee, while visiting France.
The inclusion of UPI in France holds immense potential, transforming the spending landscape for Indian travelers. With UPI’s introduction, the inconvenience of carrying forex cards or relying on cash will become a thing of the past. This breakthrough initiative promises seamless and secure transactions, empowering Indian tourists to spend without boundaries in France.
Prime Minister Modi’s visit to France began on a productive note with meaningful discussions with his French counterpart Elisabeth Borne and Senate President Gerard Larcher. These deliberations aimed to invigorate India’s multifaceted cooperation and strengthen its time-tested strategic partnership with France. The discussions revolved around exploring new avenues to infuse fresh momentum into the bilateral relations between the two nations.
The UPI, a pioneering innovation by the National Payments Corporation of India (NCPI), amalgamates multiple bank accounts into a single mobile application accessible across all participating banks. UPI seamlessly integrates various banking features, facilitating effortless fund routing and merchant payments. Additionally, it accommodates “peer to peer” collect requests, allowing users to schedule and pay as per their convenience and requirements.
Since its pilot launch in April 2016 with 21 member banks, UPI has experienced remarkable growth, exceeding all expectations. The system’s widespread adoption has reached even the smallest vendors, with hawkers accepting UPI payments for as little as ₹5 or ₹10 for a cup of tea.
In 2022, the NCPI signed a crucial Memorandum of Understanding (MoU) with Lyra, France’s fast and secure online payment system. Continuing its global expansion, UPI recently inked an agreement with Singapore’s PayNow, facilitating cross-border transactions between the two nations.
Building on these achievements, the NCPI is currently engaged in discussions with international partners to extend UPI services to the United States, other European countries, and West Asia. This ongoing dialog underscores the global recognition and demand for the UPI system, cementing India’s position as a frontrunner in digital financial innovation.