The Unified Payment Interface (UPI), a homegrown payment tool from India, is set to make its entry into the developed market of France. This landmark agreement marks the first time UPI will be used in a developed nation. Indian Prime Minister Narendra Modi announced the news on Thursday, stating that the service will begin at the iconic Eiffel Tower, allowing Indian tourists to make payments in Rupees using UPI.
The Indian government, Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have been actively working towards global expansion of UPI. Their goal is to facilitate quick fund transfers and provide convenience for Indians traveling abroad, while also showcasing the success of India’s Digital Public Infrastructure strategy.
This entry into France, the first European country to adopt UPI, follows a Memorandum of Understanding (MoU) between NPCI and Lyra, the French online payment system. UPI has already made strides in Asian markets, with successful penetration into Singapore, the United Arab Emirates (UAE), Nepal, and Bhutan.
