Last Updated: February 02, 2024, 23:32 IST
UPI was formally launched at the iconic Eiffel Tower at the huge Republic Day Reception, (Image: X/@IndiaembFrance)
Unified Payments Interface is an Indian instant payment system developed by the National Payments Corporation of India in 2016.
India has formally launched the UPI at the iconic Eiffel Tower in Paris, terming it as taking Prime Minister Narendra Modi’s vision of taking UPI global.
The move comes after India and France signed an agreement in the digital payments sector in July last year under which India’s unified payments interface can be used for retail payments in the European nation, thus becoming the first country in the continent to enable this.
Unified Payments Interface is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016.
”UPI formally launched at the iconic Eiffel Tower at the huge Republic Day Reception. Implementing PM @narendramodi’s announcement & the vision of taking UPI global,” the official X handle of India’s Embassy in France posted along with the photos of the event.
Replying to this, Modi said, ”Great to see this- it marks a significant step towards taking UPI global. This is a wonderful example of encouraging digital payments and fostering stronger ties.” UPI is a system that 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, according to NPCI.
Incidentally, at the invitation of Prime Minister Modi, Emmanuel Macron, President of France, was the Chief Guest for the 75th Republic Day celebrations in New Delhi on January 26. Prime Minister Narendra Modi had announced this while addressing the Indian community at the La Seine Musicale, a performing arts centre on the island of River Seine at Paris in France.
”The new energy in India-France ties from a historic year in the Strategic Partnership visible at 75th Republic Day reception,” the official handle X posted and thanked the Minister Delegate in charge of Democratic Renewal, Government Spokesperson Prisca Thevenot for honouring the occasion.
It also thanked the members of Parliament, business leaders, scholars, friends of India & Indians in France.
The NPCI said in a statement that its arm NPCI International Payments (NIPL) has tied up with French e-commerce and proximity payments Lyra, which will help ensure that the UPI payment mechanism is accepted in the European country, starting with the Eiffel Tower.
At present, Indian tourists rank as the second largest group of international visitors to the Eiffel Tower, it said. Indian tourists can simply scan a QR code generated on the merchant’s website and initiate a payment.
Eiffel Tower is the first merchant to offer UPI payments in France, and the service will soon be extended to other merchants in the tourism and retail space across France and Europe.