France to adopt India’s UPI soon | Fusion - WeRIndia

India’s highly successful payments system, UPI (Unified Payments System), is set to make its way to France, as announced by Prime Minister Narendra Modi during his address to the Indian community in Paris.

This move signifies an agreement between India and France to implement UPI in the European country, with the iconic Eiffel Tower being the starting point for its introduction.

PM Modi highlighted the benefits of this initiative, stating that Indian tourists will now have the convenience of making payments in rupees, eliminating the need for cumbersome forex cards and the hassle of carrying cash.

The integration of UPI in France opens up a world of possibilities for Indian travellers, allowing them to spend more conveniently and efficiently.

UPI, which consolidates multiple bank accounts into a single mobile application, offers seamless fund routing, merchant payments, and various banking features in one platform.

Additionally, it facilitates “peer-to-peer” collection requests, which can be scheduled and paid according to individual requirements and convenience.

The journey of UPI began with a pilot launch by the National Payments Corporation of India (NPCI) in April 2016, involving 21 member banks. Since then, UPI has experienced remarkable growth, with even street vendors accepting UPI payments for small amounts, such as ₹5 for a cup of tea.

In 2022, NPCI signed a Memorandum of Understanding (MoU) with Lyra, France’s fast and secure online payment system.

Additionally, UPI expanded its reach further by signing an agreement with Singapore’s PayNow, enabling cross-border transactions between the two countries.

The success of UPI has already been recognized by the United Arab Emirates, Bhutan, and Nepal, as they have adopted this payment system.

NPCI International is currently in discussions to extend UPI services to the United States, other European countries, and countries in West Asia. This demonstrates the global interest and potential of UPI as a versatile and efficient payments system.

The integration of UPI in France not only symbolizes technological advancement but also enhances the convenience and accessibility of financial transactions for Indians abroad.

As UPI continues to expand its presence globally, it is poised to revolutionize the way people transact, making payments more seamless, secure, and user-friendly for individuals across borders.

Image Credit: NPCI, CC BY-SA 4.0, via Wikimedia Commons

Source: http://www.npci.org.in/Brand-centre.aspx

Image Reference: https://commons.wikimedia.org/wiki/File:UPI-Logo.png