India’s UPI Makes Global Strides with Launch in France at Eiffel Tower
Paris, February 2nd: The Indian Embassy in France proudly hosted the Republic Day reception, marking a momentous occasion with the formal launch of the Unified Payments Interface (UPI) at the iconic Eiffel Tower. This innovative digital payment system now allows visitors to conveniently purchase Eiffel Tower tickets directly using their Indian rupees.
Prime Minister Narendra Modi hailed the launch as a significant step towards taking UPI global, fostering digital payments, and strengthening ties between India and France. His enthusiasm echoes the success of his January meeting with French President Emmanuel Macron, where he introduced him to UPI’s ease and efficiency. Macron, evidently impressed, even paid for their tea during the visit using UPI, calling it “the best example of our friendship, warmth, tradition and innovation.”
This launch follows a collaborative effort:
• July 2023: India and France signed a digital payments MoU, paving the way for UPI integration in Europe.
• January 2024: NCPI International Payments Limited (NIPL) partnered with France’s Lyra Collect to facilitate UPI implementation.
UPI’s remarkable journey:
• Launched in 2016 by the National Payments Corporation of India (NPCI), UPI revolutionized cashless transactions, offering a seamless and secure way to transfer money directly to bank accounts.
• Unlike digital wallets with KYC requirements, UPI simplifies the process.
• Its popularity is evident: December 2023 saw a staggering 1,200 crore transactions worth Rs 18.23 lakh crore, exceeding even the US’s annual cashless transactions!
This global expansion marks a new chapter for UPI, demonstrating its potential to bridge borders and empower users worldwide.