PM Modi announces Indias UPI to be used in France soon: How UPI payments can be made in European nation, check list of countries using UPI system
Prime Minister Narendra Modi announced during his visit to France that Indias Unified Payments Interface (UPI) will soon be introduced in the country. The service will begin at the Eiffel Tower, allowing Indian tourists to make rupee payments using UPI. The collaboration between the National Payments Corporation of India (NPCI) and Frances Lyra aims to strengthen bilateral ties and reduce foreign remittance charges for cross-border payments.
In a significant development for the Indian fintech industry, Prime Minister Narendra Modi announced that India's homegrown Unified Payments Interface (UPI) will soon be adopted in France, marking an expansion of the platform's international reach. The Prime Minister made the announcement on the first day of his ongoing visit to France, signifying the increasing bilateral ties between India and the European nation.
This move will allow Indian tourists to make rupee payments using UPI while in France. The service will first be started from the iconic Eiffel Tower in Paris, France.
"India and France have agreed to use UPI in France. In the coming days, it will begin from the Eiffel Tower, which means Indian tourists will now be able to pay in rupees," PM Modi announced. The prime minister was addressing the Indian community at the La Seine Musicale in Paris during his two day state visit to the West European country.
Strengthening bilateral ties through fintech
The introduction of UPI in France is a result of an agreement between the National Payments Corporation of India (NPCI), the organisation behind UPI, and France's Lyra. Lyra is the French instant and secure online payment system. This partnership aimed to enhance cooperation and knowledge exchange between the payment platforms of both nations and foster stronger economic ties.
But, the main benefit will be towards tourists as well as for other Indians who need to regularly make cross border payments like international workers, business owners and students. The ability to use UPI in conjunction with Lyra is expected to cut down on foreign remittance charges like transaction fees, conversion fees and more.
UPI's international expansion
France is not the only nation to have embraced the UPI platform. The UAE, Bhutan, and Nepal have already incorporated this Indian instant payment system. Furthermore, UPI's cross-border capabilities have also been put to the test with Singapore's PayNow, facilitating faster remittances between the two countries. Looking towards the future, talks are ongoing about expanding UPI's services to other regions including the United States, additional European countries, and West Asia.
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