During his address to the Indian diaspora in Paris, Prime Minister Narendra Modi announced an exciting development for Indian tourists visiting France. The Prime Minister revealed that India and France have reached an agreement to enable the use of India’s flagship payment system, Unified Payments Interface (UPI), in France. This milestone paves the way for Indian tourists to make payments in rupees through UPI at iconic locations like the Eiffel Tower.
UPI Extends its Reach to France:
Prime Minister Modi shared the news that India and France have agreed to utilise UPI in France, allowing Indian tourists to access seamless payment options while visiting the country. This collaboration comes after the National Payments Corporation of India (NPCI) signed memorandums of understanding with France’s Lyra, a reputed online payment system known for its speed and security.
UPI’s Transformative Impact and International Expansion:
Highlighting the significant social transformation brought about by UPI in India, PM Modi emphasised its role in revolutionising digital payments. UPI, India’s mobile-based payment system, enables round-the-clock transactions through virtual payment addresses. The Prime Minister expressed his delight that India and France are working together in this direction, recognizing the potential for collaboration in digital platforms. The partnership between India’s UPI and France holds the promise of expanding the adoption of UPI services internationally.
UPI’s Global Reach and Future Prospects:
Apart from France, UPI services have already been embraced by countries like the UAE, Singapore, Nepal, and Bhutan. The NPCI is actively engaged in discussions with the US, Europe, and West Asia to extend UPI services to these regions. The widespread adoption of UPI is evident from the data provided by India’s central bank, the Reserve Bank of India (RBI), which reveals that UPI transactions amounted to Rs 139.2 trillion in FY23, accounting for around 73% of all non-cash transactions in India in 2022.
The announcement of India’s UPI system being adopted in France marks a significant step in enhancing the convenience of Indian tourists visiting the country. This collaboration between India and France holds the potential to strengthen bilateral ties and create seamless payment experiences for Indian travellers. With UPI’s success in India and its growing international presence, the future holds immense prospects for further expanding the reach of this innovative payment system.
