In a recent address to the Indian community in France, Prime Minister Narendra Modi announced that Indian travelers will soon have the ability to use UPI (Unified Payments Interface) for transactions in France. This exciting development will initially be implemented at the Eiffel Tower, allowing Indian tourists to purchase tickets in Indian rupees. The introduction of UPI in France eliminates the need for cumbersome forex cards or carrying large amounts of cash, as travelers can now conveniently make payments using their mobile phones. Read More Business News on our website.
During his visit, Prime Minister Modi held productive meetings with French counterpart Elisabeth Borne and Senate President Gerard Larcher, focusing on strengthening the multifaceted cooperation and strategic partnership between India and France. The UPI system, pioneered by the National Payments Corporation of India (NPCI), combines multiple bank accounts into a single mobile application, enabling users to access various banking features, conduct seamless fund transfers, and make payments to merchants. It also facilitates peer-to-peer collect requests, which can be scheduled and paid at one’s convenience.
Since its pilot launch in April 2016, UPI usage in India has experienced remarkable growth. Even small-scale vendors, including tea sellers, now accept UPI payments for minimal amounts such as Rs 5 or Rs 10. NPCI has also signed agreements with Lyra, a secure online payment system in France, and PayNow, Singapore’s payment system, enabling cross-border transactions between these countries. Furthermore, talks are underway to extend UPI services to the United States, other European countries, and nations in West Asia.
The introduction of UPI in France not only enhances convenience for Indian tourists but also strengthens the digital payment ties between India and France. This milestone signifies India’s ongoing efforts to expand the reach of its innovative payment system and solidify its position in the realm of global digital payments.