India's UPI now in France: Tourists can pay in rupees from Eiffel Tower, says PM Modi

  oliver oliver   6091   14 Jul, 2023 

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Prime Minister Narendra Modi announced that New Delhi and France have got into an agreement to use India's flagship payment system in France “Indian tourists in France will now be able to pay in rupees,” said Prime Minister Narendra Modi, while addressing the Indian diaspora in Paris. “India and France have agreed to use UPI in France. Friends, in the coming days its beginning will be made from Eiffel Tower which means that Indian tourists will now be able to make payments in Rupees, through UPI, at Eiffel Tower,” PM Modi said. The Prime Minister announced that New Delhi and France have got into an agreement to use India’s flagship payment system in France. The announcement comes a year after the National Payments Corporation of India (NPCI), the umbrella body that offers UPI service, signed memorandums of understanding (MoU) with France’s Lyra, which is considered to be the European nation’s fast and secure online payment system. Unified Payments Interface, or UPI, is India’s mobile-based payment system that enables people to make round-the-clock payments through a virtual payment address created by the users. ‘UPI brought huge social transformation in India’ Addressing the Indian diaspora at the La Seine Musicale, a performing arts centre on an island in river Seine, PM Modi said: “Be it India’s UPI or other digital platforms, they have brought a huge social transformation in the country and I am happy that India and France are also working together in direction. India and France have agreed to use UPI in France. I will leave after the agreement. However, it is your job to move forward,” PM Modi said. Also Read: PM Modi in Paris: France to launch UPI system with India. How will it help? Earlier this year, India’s UPI and Singapore’s PayNow signed an agreement that enables users in the two countries to make seamless, real-time, and secure cross-border transactions. Which other countries are expected to have India’s UPI services? UPI services have already been adopted by UAE, Singapore, Nepal and Bhutan and NPCI is in talks with the US, Europe, and West Asia to extend it. As per data by India’s central bank – Reserve Bank of India (RBI), UPI transactions stood at Rs 139.2 trillion in FY23 or about 73 per cent of all non-cash transactions in India in 2022. NPCI introduced the UPI system in India in 2016 and PhonePe was one of the first platforms. A year later, several competitors including Paytm, GPay, BhimUPI, followed suit.

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