India’s Prime Minister Narendra Modi announced today in Paris that the highly successful Unified Payments Interface (UPI) will be introduced in France, marking a significant milestone in the global adoption of this revolutionary payments system.
UPI Transforms Payment Landscape in France
During his address to the Indian community in Paris, PM Modi shared the news of the agreement between India and France to integrate UPI into the French payment ecosystem. The UPI services will commence from the renowned Eiffel Tower, enabling Indian tourists to make payments in rupees, offering convenience, and eliminating the need for forex cards or cash.
Unlocking New Possibilities for Indian Travelers
The inclusion of UPI in France holds immense potential, revolutionizing the way Indian travelers spend their money abroad. With UPI, cumbersome forex cards become a thing of the past, and the hassle of carrying cash is eliminated. This seamless payment system empowers Indian tourists to make transactions with ease and confidence, enhancing their overall experience while exploring the wonders of France.
UPI’s Remarkable Features and Functionality
India’s UPI empowers users by consolidating multiple bank accounts into a single mobile application, regardless of the participating bank. This innovative solution merges various banking features, such as seamless fund routing and merchant payments, into one convenient platform. Furthermore, UPI facilitates “peer-to-peer” collect requests, which can be scheduled and paid as per the users’ requirements and convenience.
A Global Success Story
The journey of UPI began with a pilot launch by the National Payments Corporation of India (NCPI) in April 2016, with 21 member banks. Since then, UPI has witnessed remarkable growth, becoming widely adopted across various sectors. Notably, even street vendors and small businesses accept UPI payments, with transactions as low as ₹ 5 or 10 for a humble cup of tea.
International Collaborations of UPI
In 2022, the NPCI signed a Memorandum of Understanding (MoU) with France’s fast and secure online payment system, Lyra, further bolstering the global expansion of UPI. Additionally, this year witnessed another significant milestone with the agreement between UPI and Singapore’s PayNow, enabling seamless cross-border transactions between the two nations.
A Global Vision for UPI
Embracing the momentum, UPI’s success has garnered, NPCI International is actively engaged in discussions to extend UPI services to the United States, various European countries, and West Asia. These expansions will continue to promote financial inclusivity, drive economic growth, and strengthen international collaborations.
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