In the latest improvement, Lyra, a French-era corporation, and Indian NPCI International joined hands to introduce UPI to France. Recently, the Indian embassy in France, especially the Eiffel Tower in Paris, confirmed that Indians can buy Eiffel Tower tickets with the help of UPI. Since Visa and Mastercard have a duopoly within the cashless market everywhere in the international market, in which Visa and Mastercard charge merchants around 2-5% as a transaction fee, UPI is free for merchants, which attracted many merchants so quickly and made people use and adopt it quite quickly.
Where credit cards and debit cards require a proper system to apply them as payment methods, the UPI, then again, does not require a proper system; however, a bank account and a UPI handle could make you receive UPI payments within seconds.
France became the first European country to simply accept the NPCI UPI mechanism; other than France, India’s neighbours Nepal and Sri Lanka may also begin accepting the UPI payments soon. In keeping with reviews, Nepal would possibly start using UPI earlier than June or maybe February of this year.
According to NPCI, the Eiffel Tower is the first merchant in France to simply accept UPI bills. Further, UPI can be used for all of the people of France and could be used for all the merchants of France. NPCI believes it is a pride moment for India that people in France and Europe are going to use technology made by Indians without any foreign help.
In the last 12 months, authorities additionally allowed NRIs from 10 countries to simply accept or transfer cash through UPI channels; those countries are Singapore, the United States of America, the United Kingdom, Oman, Qatar, and so on.