Indian tourists visiting France have received a remarkable gift from Prime Minister Narendra Modi: the ability to make cashless payments in Indian Rupees at renowned landmarks like the Eiffel Tower. The Prime Minister revealed that an agreement has been reached between India and France to introduce the Unified Payments Interface (UPI) in the country, making it possible for Indian tourists to utilize UPI for hassle-free transactions.
UPI and LYRA
The adoption of UPI in France not only benefits Indian tourists but also creates a significant market for Indian innovation. Last year, the National Payments Corporation of India (NPCI) signed a Memorandum of Understanding (MoU) with Lyra, a secure online payment system in France, marking a significant milestone in UPI’s journey towards international acceptance.
This development aligns with the G20’s financial inclusion priorities, highlighting the interlinking of cashless payment platforms across borders. Additionally, it showcases the success of UPI’s cross-border initiatives, such as the acceptance of BHIM UPI QR in countries like Singapore, UAE, Mauritius, Nepal, and Bhutan. Furthermore, India and Singapore have established a cross-border linkage between their respective fast payment systems, UPI and PayNow.
REACH AND CONVENIENCE
It’s worth noting that the Reserve Bank of India (RBI) has also enabled foreign nationals and non-resident Indians (NRIs) visiting India to accessUnified Payments Interface for making payments while they are in the country. This step further expands the reach and convenience of UPI, facilitating seamless transactions for international visitors.
The expansion of Unified Payments Interfaces presence in France showcases the global recognition and trust in India’s digital payment system. As Unified Payments Interface continues to gain prominence on the international stage, it brings convenience and interoperability to users worldwide, reinforcing its position as a leading digital payments platform.
UPI payments can be made in Europe by Indian travellers who have an Indian bank account with UPI activated on their accounts. They will also need an app to make Unified Payments Interface payments, like the BHIM app.
