In the present digital world, India is revolutionizing the global fintech market with its Unified Payment Interface (UPI) system. After successful implementation domestically and introduction in many other countries of the world such as UAE, now India officially launched the UPI system in a popular global tourist location Eiffel Tower in Paris, France. It has been a contemporary example of bridging technology and culture in one place.
India’s UPI was formally launched in France on the occasion of India’s Republic Day reception with the announcement of its commencement at the iconic Eiffel Tower. It is the first tourist destination in Europe to accept UPI payments marking its grand global launch. The Prime Minister of India during his visit to France last year in July 2023, disclosed the alliance between the countries to use UPI. For its implementation, India’s NPCI International Payments Limited (NIPL) and France’s Lyra Collect united together and enabled Indian tourists in France to pay in Indian currency through UPI.
The launch of UPI in France signifies stronger relations between both countries witnessing social transformation and the power of India’s instant digital payment system that will empower its citizens globally. The Alliance is a historical move towards advancing digital payments along with globalization.
The UPI payment mechanism is an Indian mobile-based system that allows you to make payments in a hassle-free manner. This innovation was developed by the National Payments Corporation of India (NPIL) in 2016 enabling citizens to make digital payments securely 24×7. The concept of an instant payment mechanism is behind the success of UPI and its global acceptance among citizens pushing the traditional way of making payments a tale of older times.
Further, UPI incorporates numerous bank accounts under a single mobile application, it provides a user-friendly environment where the end-user can avail of multiple banking services, merchant payments, and transfer of funds through a simple, easy-to-use interface. This launch will give India’s UPI system, a global presence and help Indian travelers as well as merchants to make and receive hassle-free payments in one of the busiest tourist destinations of the world while enhancing the cashless economy at the core.