Prime Minister Narendra Modi has declared the Unified Payments System (UPI) which has achieved great success in India and will now be launched in France. This groundbreaking step aims to provide Indian tourists with the opportunity to make payments in rupees without the hassle of forex cards or cash. UPIs ongoing progress is evident through its recent agreements with Singapore and France. And there are further plans to extend its services to the United States, Europe, and West Asia.
Prime Minister Narendra Modi proclaimed today that France, renowned for its captivating Eiffel Tower, will be embracing India’s Unified Payments System (UPI).
Addressing the Indian community in Paris, PM Modi exclaimed, “India and France have forged an agreement to incorporate UPI within the French terrain. Soon, commencing from the iconic Eiffel Tower, our cherished Indian tourists shall have the felicity of paying in their native currency, the mighty rupee.”
The advent of UPI in France shall open unprecedented possibilities, revolutionizing the spending landscape for Indians. With UPI at their disposal, the need for cumbersome forex cards and carrying physical cash will become an antiquated concept, as seamless transactions become the new norm.
The French visit of the PM commenced on a promising note, as PM Modi engaged in fruitful deliberations with his French counterpart, Elisabeth Borne, and Senate President Gerard Larcher.
The discussions focused on revitalizing India’s multifaceted cooperation and enduring strategic partnership with this pivotal European nation, injecting fresh vigor into the bilateral relationship.
India’s UPI amalgamates multiple bank accounts into a single mobile application, encompassing many banking features. UPI seamlessly facilitates fund routing and merchant payments, enveloping an array of functionalities. Furthermore, UPI also caters to “peer-to-peer” collect requests, allowing users to conveniently schedule and settle payments according to their preferences.
The National Payments Corporation of India (NCPI) initiated a pilot launch of UPI in April 2016, garnering participation from 21 member banks. Since then, the utilization of UPI has experienced exponential growth, permeating various sectors of society. Even humble street vendors, peddling their delectable tea, readily accept UPI payments, rendering the system accessible to all, irrespective of transaction size.
In a significant stride towards global integration, the NPCI forged a Memorandum of Understanding (MoU) with Lyra, an expeditious and secure online payment system hailing from France, in 2022. Building on this momentum, Unified Payments System inked an agreement with Singapore’s PayNow this year, enabling cross-border transactions for users in both countries and fostering greater financial connectivity.
Embracing Unified Payments System’s potential, nations such as the UAE, Bhutan, and Nepal have already adopted this cutting-edge payment system. NPCI International is actively engaged in discussions to extend UPI services to the United States, various European countries, and West Asia, signaling an imminent global UPI revolution.
