In a significant stride towards globalizing digital payment systems, Prime Minister Narendra Modi applauded the formal launch of the Unified Payments Interface (UPI) at the iconic Eiffel Tower in Paris. The Indian Embassy in France declared the launch as a pivotal step towards realizing PM Modi’s vision of taking UPI to a global audience.
Expressing his satisfaction with the development, PM Modi took to social media, stating, “Great to see this—it marks a significant step towards taking UPI global. This is a wonderful example of encouraging digital payments and fostering stronger ties.”
The UPI launch took place during the Republic Day reception in France, and the Indian Embassy in France highlighted the event as a realization of PM Modi’s announcement and vision to globalize UPI.
The UPI, India’s mobile-based payment system, enables users to make 24/7 payments through a virtual payment address. It consolidates multiple bank accounts into a single mobile application, offering seamless fund routing and merchant payments under one umbrella.
In 2023, India and France pledged to cultivate a thriving digital ecosystem and collaborate to empower their citizens in the digital century. NPCI International Payments Limited (NIPL) and France’s Lyra Collect formalized an agreement to implement UPI in France and Europe.
During his visit to France in July of the previous year, PM Modi disclosed that India and France had agreed to use the UPI payment mechanism, commencing from the renowned Eiffel Tower. This development allows Indian tourists in France to make payments in rupees through the UPI system.
In a speech to the Indian community in Paris on July 14, PM Modi emphasized the transformative impact of digital platforms like UPI in India. He announced the collaboration with France and anticipated the commencement of UPI transactions from the Eiffel Tower, providing Indian tourists the convenience of making payments in their own currency.
The recent visit of French President Emmanuel Macron to India for the Republic Day Parade further emphasized the collaboration in digital payments. During their visit to Jaipur, Macron and PM Modi visited a local tea stall, where Macron utilized the UPI system to make a payment. Earlier, PM Modi had explained the UPI digital payments system to Macron during their visit to Hawa Mahal in Jaipur.
As UPI gains international traction, the launch at the Eiffel Tower symbolizes the expansion of India’s digital financial infrastructure onto the global stage, fostering stronger diplomatic ties and promoting seamless transactions for Indian tourists abroad.
Sources By Agencies