After UAE, Bhutan And Nepal India's UPI To Be Now Used In France, Will Start From Eiffel Tower
Paris, July 14 (TNA) In a giant leap, India's most successful payments system UPI will now be used in France, Prime Minister Narendra Modi said on Friday while addressing the Indian community in Paris. "India and France have agreed to use UPI in France.
The UAE, Bhutan and Nepal have already adopted the UPI system. NPCI International is in talks to extend UPI services in the US, other European countries and West Asia. In 2022, the NPCI signed an MoU with France's fast and secure online payment system, called Lyra. This year, UPI and Singapore's PayNow signed an agreement, allowing users in either country to make cross-border transactions.
India's UPI powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood. It also caters to "peer to peer" collect request, which can be scheduled and paid as per requirement and convenience.
The National Payments Corporation of India (NCPI) conducted a pilot launch with 21 member banks in April 2016. Since then, UPI use has seen tremendous growth. Even hawkers accept UPI payments for as little as ₹ 5 or 10 for a cup of tea.
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 said, referring to the Unified Payments System. Allowing UPI in France will open up huge possibilities in the way Indians can spend. UPI will be able to do away with cumbersome forex cards and avoid the need to carry cash to spend.