France Gets India's UPI System, Tourists Can Make Payment In Rupees: PM Modi
Prime Minister Narendra Modi announced on Thursday that India's mobile-based payment system, the Unified Payments Interface (UPI), will soon be introduced in France. This collaboration between India and France will provide a significant opportunity for Indian innovation to thrive in the European market.
UPI enables round-the-clock payments through a virtual payment address created by the customer, allowing convenient and efficient transactions. Speaking to the Indian community at the La Seine Musicale, a renowned performing arts centre situated on an island in the River Seine, Modi expressed his excitement about Indian tourists being able to make payments in Indian rupees using UPI from the iconic Eiffel Tower.
"In France, an agreement has been made for the use of India's UPI...It will be started from the Eiffel Tower, and now Indian tourists would be able to make payments in Rupees, through UPI, in Eiffel Tower,” Prime Minister Modi stated.
He further highlighted the transformative impact of India's UPI and digital platforms, emphasising the collaboration between India and France in this realm. The Prime Minister expressed his satisfaction with the agreement and encouraged the community to drive this initiative forward.
Notably, in 2022, the National Payments Corporation of India (NPCI), the organisation overseeing UPI services, signed a Memorandum of Understanding (MoU) with France's secure online payment system known as Lyra. This partnership strengthened the foundation for seamless and secure digital transactions between the two countries.
Additionally, earlier this year, UPI and Singapore's PayNow entered into an agreement, facilitating real-time and secure cross-border transactions between users in both nations. Furthermore, NPCI is actively engaged in discussions with countries in the USA, Europe, and West Asia to expand UPI services globally.
According to data from the Reserve Bank of India, UPI transactions amounted to Rs 139.2 trillion in FY23, representing approximately 73 per cent of all non-cash transactions in India in 2022. A report predicts that daily UPI transactions will reach one billion by 2026-2027, accounting for approximately 90 per cent of all non-cash transactions.
Prime Minister Modi received a special welcome from Prime Minister Borne upon his arrival at the airport, demonstrating the significance of this collaboration. A ceremonial welcome and Guard of Honour were also accorded to Prime Minister Modi to mark the occasion.
