• Source:ANI
Add as a preferred

UPI In France: Prime Minister Narendra Modi lauded the formal launch of the Unified Payments Interface (UPI), which is India's homegrown instant payment system, at the iconic Eiffel Tower in Paris, saying it "marks a significant step towards making UPI global."

"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," said PM Modi in a post on X.

UPI, which was developed by the National Payments Corporation of India (NPCI) in 2016, has been formally launched at the Eiffel Tower, the Indian Embassy informed on Friday and termed the development a part of Prime Minister Narendra Modi's "vision of taking UPI global".

What Is UPI?

India's mobile-based payment system, known as UPI, enables users to make 24-hour payments using a virtual payment address that they have registered. UPI is a system that unifies multiple banking functions, smooth fund routing, and merchant payments under one roof by enabling numerous bank accounts into a single mobile application (of any participating bank).

India-France Agreement On UPI Payment

According to a joint statement from India and France, the two countries pledged to foster a healthy ecosystem and form partnerships in 2023 to empower their citizens and guarantee their full participation in the digital century. NPCI International Payments Limited (NIPL) and France's Lyra Collect executed an agreement to implement the UPI in France and Europe.

ALSO READ: India Agrees To Withdraw Troops From Maldives, To Completely Remove Military Presence By May 30

During his visit to France in July last year, PM Modi announced that India and France have agreed to use the UPI payment mechanism and it will begin from the iconic Eiffel Tower. PM Modi said that Indian tourists in France will now be able to make payments in rupees.

"Be it India's UPI or other digital platforms, they have brought a huge social transformation in the country and I am happy that India and France are also working together in direction. India and France have agreed to use UPI in France. I will leave after the agreement. However, it is your job to move forward. Friends, in the coming days, its beginning will be made from Eiffel Tower, which means that Indian tourists will now be able to make payments in Rupees, through UPI, at Eiffel Tower," PM Modi said while addressing the Indian community at La Seine Musicale in Paris on July 14, 2023.

(With ANI Inputs)