India's UPI Payment System to Make Its Debut in France, Announces PM Narendra Modi in Paris.
PM Narendra Modi Announces UPI Expansion
During his address to the Indian community in Paris, PM Narendra Modi revealed that France has agreed to adopt India's highly successful Unified Payments System (UPI). The implementation of UPI in France will commence from the iconic Eiffel Tower, enabling Indian tourists to make payments in Indian rupees, PM Narendra Modi stated.
The decision to introduce UPI in France holds immense potential, revolutionizing the spending habits of Indians abroad. With UPI, individuals can eliminate the need for cumbersome forex cards and the inconvenience of carrying cash.
PM Narendra Modi initiated his visit to France by holding “fruitful” discussions with French counterpart Elisabeth Borne and Senate President Gerard Larcher. These meetings aimed to invigorate India's multifaceted cooperation and longstanding strategic partnership with the European nation.
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India's UPI integrates multiple bank accounts into a single mobile application, providing users with a comprehensive range of banking services. It enables seamless fund transfers, merchant payments, and facilitates “peer-to-peer” collect requests that can be scheduled and paid as per one's convenience.
The National Payments Corporation of India (NCPI) initiated a pilot launch of UPI in April 2016 with 21 member banks. Since then, UPI has experienced remarkable growth, with even street vendors accepting UPI payments for as little as ₹5 or ₹10 for a cup of tea.
In 2022, the NCPI signed a Memorandum of Understanding (MoU) with France's secure online payment system called Lyra. Additionally, UPI and Singapore's PayNow established an agreement this year, allowing users in both countries to engage in cross-border transactions.
The UPI system has already been adopted by the UAE, Bhutan, and Nepal. NPCI International is currently in discussions to expand UPI services to the United States, other European countries, and West Asia.
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