Indian tourists will able to pay in rupees at Eiffel Tower, says PM Modi
Prime Minister Narendra Modi announces UPI integration during his address to the Indian community in Paris.
India’s highly successful Unified Payments System (UPI) will soon make its way to France, as announced by Prime Minister Narendra Modi during his address to the Indian community in Paris today. This move comes as part of the efforts to strengthen bilateral ties between India and France, opening up new possibilities for Indian tourists to make seamless digital payments in rupees while visiting the European nation.
Speaking about the agreement, Prime Minister Modi stated, “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.” The UPI, short for Unified Payments System, revolutionized digital payments in India by merging multiple bank accounts into a single mobile application, offering a range of banking features, fund routing, and merchant payments. With the introduction of UPI in France, Indian travelers will be able to bid farewell to the hassles of carrying foreign exchange cards or cash while making purchases abroad.
The National Payments Corporation of India (NPCI) conducted a pilot launch of UPI with 21 member banks in April 2016, and since then, it has witnessed remarkable growth. The system has gained wide acceptance across various sectors in India, with even street vendors accepting UPI payments for small amounts as low as Rs 5 or 10 for a cup of tea.
To expand the global reach of UPI, NPCI has been actively engaging with international partners. In 2022, NPCI signed a Memorandum of Understanding (MoU) with France’s fast and secure online payment system, Lyra. Additionally, this year, UPI entered into an agreement with Singapore’s PayNow, enabling cross-border transactions between the two countries. The United Arab Emirates (UAE), Bhutan, and Nepal have already adopted the UPI system, further cementing its international standing.
NPCI International is currently in discussions to extend UPI services to the United States, other European countries, and West Asia, signaling the growing interest in this innovative payment system on a global scale.
As UPI makes its way to France, it is expected to streamline transactions for Indian tourists and foster a deeper financial integration between the two nations. The integration of UPI in France marks another significant milestone for India’s digital payments ecosystem and further solidifies its position as a global leader in financial technology innovation.