Indian travelers visiting France will now have the convenience of making payments through the Unified Payment Interface (UPI).
During Prime Minister Narendra Modi’s two-day visit to Paris, this significant announcement was made at La Seine Musical.
With this development, Indian tourists in France will no longer need to carry large amounts of cash or Forex cards, as they can conveniently pay in Indian Rupees via UPI.
Although UPI payment services are not yet available everywhere, it will commence at the iconic Eiffel Tower.
PM Modi’s Visit Strengthens Bilateral Cooperation
As part of his visit, PM Modi held meetings with French counterpart Elizabeth Borne and Senate President Gerard Larcher,
focusing on enhancing the multi-faceted cooperation and fostering a long-term strategic partnership between the two nations.
The Rise of UPI in India
India’s UPI system integrates multiple bank accounts into a single mobile application, offering users access to various banking facilities, easy fund transfers, and payments to merchants.
Launched by the National Payments Corporation of India (NPCI) in April 2016 with 21 banks participating in a pilot project, UPI usage has been steadily increasing across India.
Today, UPI payments are accepted everywhere, from small tea sellers to large malls and stores.
MOU Signed in 2022 Sets UPI Expansion in Motion
The discussions regarding UPI between India and France began in 2022, leading to the signing of a Memorandum of Understanding (MOU) between the National Payments Corporation of India and Lyra, a fast and secure online payment service from France.
This agreement paved the way for seamless UPI transactions between the two countries.
Additionally, in 2022, UPI signed an agreement with Singapore’s payment system PayNow, enabling cross-border transactions between India and Singapore.
Expanding UPI’s Reach Worldwide
Apart from France, UPI has already been adopted by the United Arab Emirates (UAE), Bhutan, and Nepal.
The NPCI is currently in discussions to extend UPI services to the United States of America, as well as other European and West Asian countries.
This means that soon, Indian travelers will be able to make payments using UPI in these locations as well.