Paris: Prime Minister Narendra Modi during his France visit said that the country has agreed to adopt India’s highly successful Unified Payments System (UPI), allowing Indian tourists to make payments in rupees.
PM Modi made the announcement while addressing the Indian community in Paris stating the significance of this move in enhancing convenience and facilitating seamless transactions.
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“With India and France agreeing to use UPI in France, starting from the iconic Eiffel Tower, Indian tourists will now have the ability to pay in rupees,” PM Modi stated, spoke of the potential benefits of UPI for Indian travellers.
The UPI, short for Unified Payments System, has revolutionized digital payments in India and offers a host of advantages, such as eliminating the need for cumbersome forex cards and the hassle of carrying cash.
The National Payments Corporation of India (NPCI) initiated a pilot launch of UPI in April 2016 with 21 member banks. Since then, the UPI system has experienced remarkable growth, with even small-scale vendors accepting UPI payments for as little as Rs 5 or 10 for a cup of tea.
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In 2022, NPCI signed a Memorandum of Understanding (MoU) with Lyra, France’s fast and secure online payment system.
This year, UPI expanded its reach further by partnering with Singapore’s PayNow, allowing users from both countries to engage in cross-border transactions.
The successful implementation of UPI in countries like the UAE, Bhutan, and Nepal has bolstered its international reputation.
Building on this momentum, NPCI International is currently in discussions to extend UPI services to the United States, other European countries, and West Asia.