New Delhi: India officially introduced the Unified Payments Interface (UPI) at the iconic Eiffel Tower, marking a significant step towards realizing Prime Minister Narendra Modi’s vision of taking UPI global. The launch took place during the Republic Day Reception.
What Is UPI?
Unified Payments Interface (UPI) is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016. It powers multiple bank accounts into a single mobile application, combining various banking features, seamless fund routing, and merchant payments. (Also Read: LK Advani: Born In Undivided Bharat, Politician From Scholar Family, One Of The Key Architect Of Ram Temple Movement Is Now Bharat Ratna)
UPI’s Global Recognition
In response to the launch, PM Modi expressed his delight, stating that it signifies a significant move to make UPI a global phenomenon. He praised the event as an excellent example of promoting digital payments and strengthening international bonds. (Also Read: Transform Trash Into Cash: Start THIS Business Venture With Rs 3-15 Lakh Investment; Earn In Lakhs)
Strategic Partnership And Republic Day Celebrations
President Emmanuel Macron of France, invited by PM Modi, was the Chief Guest at India’s 75th Republic Day celebrations on January 26. The event reflected the renewed energy in India-France ties, acknowledging the historic year in their Strategic Partnership.
NPCI’s Collaboration With French Partner
NPCI International Payments (NIPL), a wing of NPCI, has partnered with French e-commerce and proximity payments provider Lyra. This collaboration ensures that the UPI payment mechanism is accepted in France, starting with the Eiffel Tower.
Facilitating Payments For Indian Tourists
Indian tourists, being the second-largest group of international visitors to the Eiffel Tower, can now use UPI for payments. By scanning a QR code generated on the merchant’s website, they can easily initiate payments.
Eiffel Tower becomes the first merchant in France to offer UPI payments. The service is expected to expand to other merchants in the tourism and retail sectors across France and Europe, further promoting digital transactions.