In a historic move that aligns with Prime Minister Narendra Modi’s vision of globalizing the Unified Payments Interface (UPI), India has formally launched UPI payments at the iconic Eiffel Tower in Paris. The announcement was made by the Indian Embassy in France during the Republic Day reception, marking a significant step towards expanding the reach of UPI beyond Indian borders.
Highlights: About UPI Payments Expansion
- India launched UPI payments at the Eiffel Tower in Paris, making it the first European country to embrace the payment method for retail transactions.
- UPI is a mobile-based payment system developed by the National Payments Corporation of India (NPCI) in 2016, offering round-the-clock payments through virtual payment addresses.
- India’s NPCI International Payments (NIPL) partnered with Lyra, a French e-commerce and proximity payments company, to facilitate UPI payment acceptance in France.
- Indian travelers visiting France can now simply scan a QR code on merchant websites to initiate UPI payments, enhancing their experience.
- Plans are underway to extend UPI payments to other merchants in the tourism and retail sectors in France, with future plans to expand throughout Europe.
- The launch of UPI payments at the Eiffel Tower is a significant achievement for India and showcases the country’s technological advancements to the world.
- This collaboration makes international transactions through UPI payments possible, opening doors for seamlessly connecting businesses and individuals around the world.
- UPI Payments offer a safe, convenient, and efficient payment solution, and as UPI expands its reach, it is expected to bring numerous benefits to the global market.
- This partnership between India and France signifies the potential for UPI to become a globally accepted payment mechanism.
- The launch at the Eiffel Tower is just the beginning; UPI payments are poised to take a giant leap forward, revolutionizing the way people transact on a global level.
The UPI, a mobile-based payment system developed by the National Payments Corporation of India (NPCI) in 2016, offers round-the-clock payments through a virtual payment address. It combines multiple bank accounts into a single mobile application, providing seamless fund routing and merchant payments all in one place.
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During his visit to France in July of the previous year, Prime Minister Modi had announced the agreement between India and France to adopt UPI as a payment mechanism, starting from the Eiffel Tower. This collaboration makes France the first European country to embrace India’s innovative UPI for retail transactions.
India’s NPCI International Payments (NIPL) has partnered with Lyra, a French e-commerce and proximity payments company, to facilitate the acceptance of UPI payments in France. This strategic tie-up ensures a smooth integration of the UPI payment mechanism, with the Eiffel Tower becoming the first merchant in France to offer this service.
This development is especially beneficial for Indian tourists visiting France. As the second-largest group of international visitors to the Eiffel Tower, Indian travelers will now have a familiar and convenient payment method available to them. They can simply scan a QR code on the merchant’s website to initiate UPI payments, enhancing their overall experience.
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Moreover, this is just the beginning. Plans are underway to extend UPI payments to other merchants in the tourism and retail sectors across France, with future plans to expand throughout Europe. This expansion aligns perfectly with the broader objective of making UPI a globally accepted payment mechanism.
The launch of UPI payments at the Eiffel Tower is not only a significant achievement for India but also showcases the country’s technological advancements to the world. Prime Minister Modi’s vision of taking UPI global is gradually becoming a reality, opening doors for seamless international transactions and positioning India at the forefront of digital payments innovation.
With this groundbreaking partnership between India and France, the UPI payment system has taken a giant leap forward, revolutionizing the way people transact globally. As UPI expands its reach, it is expected to bring numerous benefits to not only businesses but also individuals by providing a safe, convenient, and efficient payment solution.
Last Updated on 10 months
