- The introduction of UPI in France brings convenience to Indian tourists, allowing them to make payments in rupees without the need for forex cards or carrying cash.
- PM Modi’s meetings with French counterparts aimed to impart new impetus to India’s strategic partnership with France, exploring opportunities for collaboration across various sectors.
- UPI’s success in India is attributed to its seamless fund routing, merchant payments, peer-to-peer collect requests, and scheduling capabilities, leading to its widespread adoption.
- UPI has established collaborations with France’s Lyra and Singapore’s PayNow, facilitating cross-border transactions and showcasing its global recognition and acceptance.
- Discussions are underway to extend UPI services to other regions, including the United States, other European countries, and West Asia
Summary: India's UPI is set to be implemented in France, starting from the Eiffel Tower, allowing Indian tourists to make payments in rupees. This move eliminates the need for forex cards and cash while traveling. PM Modi's fruitful meetings in France aimed to strengthen the strategic partnership. UPI's features, growth, and international collaborations highlight its success, with plans to expand its services globally in the future.
Paris, 14 JULY(City Times): India’s revolutionary Unified Payments System (UPI) is set to make its mark in France, as announced by Prime Minister Narendra Modi during his address to the Indian community in Paris. This landmark agreement between India and France will allow UPI to be used in the country, with the symbolic starting point being the iconic Eiffel Tower. The introduction of UPI in France opens up exciting possibilities for Indian tourists, providing them with the convenience of making payments in Indian rupees while traveling.
UPI’s Expansion: India’s Successful Payments System to be Used in France
Prime Minister Narendra Modi, while addressing the Indian community in Paris, announced that India’s highly successful Unified Payments System (UPI) will be utilized in France. PM Modi expressed that India and France have reached an agreement to implement UPI, with the iconic Eiffel Tower serving as the starting point for its launch. This development means that Indian tourists visiting France will now have the convenience of making payments in Indian rupees using UPI.
Convenience and Possibilities: UPI’s Impact in France
The decision to introduce UPI in France is expected to unlock significant possibilities for Indian travelers, enabling them to have seamless payment experiences. By adopting UPI, cumbersome forex cards can be eliminated, eliminating the need to carry cash while traveling. This move not only enhances convenience for Indian tourists but also facilitates greater financial integration and ease of transactions between the two nations.
PM Modi’s Fruitful Meetings in France
Prime Minister Modi initiated his visit to France with productive meetings alongside his French counterpart, Elisabeth Borne, and Senate President Gerard Larcher. During these engagements, the leaders explored avenues to invigorate India’s multifaceted cooperation and longstanding strategic partnership with France. The discussions focused on injecting fresh momentum into the bilateral relationship, fostering collaboration across various sectors, and reinforcing the strong ties between the two countries.
UPI’s Features and Growth
India’s UPI consolidates multiple bank accounts into a single mobile application, providing users with a seamless and comprehensive banking experience. Its features encompass effortless fund routing, merchant payments, peer-to-peer collect requests, and convenient scheduling of payments. Since its pilot launch with 21 member banks in April 2016, UPI has witnessed remarkable growth and widespread adoption. From small-scale vendors accepting UPI payments for as low as ₹5 or ₹10 for a cup of tea, UPI has now expanded its reach to international collaborations.
UPI’s Global Reach and Future Prospects
NPCI, the National Payments Corporation of India, has actively pursued partnerships to expand the reach of UPI beyond India’s borders. Notably, collaborations have been established with France’s online payment system Lyra in 2022 and Singapore’s PayNow in 2023, facilitating cross-border transactions for users in these countries. UPI’s success has prompted discussions with other regions, including the United States, other European countries, and West Asia, to explore the extension of UPI services. This global expansion demonstrates the growing recognition and acceptance of UPI as a leading digital payments system worldwide.
UPI’s Global Expansion Fuels Convenience and Strategic Partnerships
The decision to introduce India’s UPI in France, beginning from the iconic Eiffel Tower, marks a significant milestone in the realm of digital payments. By offering Indian tourists the ability to transact in rupees, UPI eliminates the hassle of carrying cash or forex cards. Moreover, this move reinforces the strong bilateral ties between India and France, showcasing the potential for strategic partnerships and collaborations. UPI’s global expansion demonstrates its growing recognition and potential for reshaping the future of digital payments worldwide.