In a significant development for digital payment systems, the Unified Payments Interface (UPI) has made its entry into France. This milestone was achieved following the Memorandum of Understanding (MoU) signed between the National Payments Corporation of India (NPCI) and Lyra Network, last year.
On 13th July, PM Modi made an announcement that Indians can now pay in Rupees when they visit France, which will begin from Eiffel Tower. While addressing Indians who are in France, PM Modi commented on this new development, and said, “India and France have agreed to use UPI in France. In the coming days, it will begin from the Eiffel Tower which means Indian tourists will now be able to pay in rupees.”
The Centre stated, “Non-resident Indians (NRIs) from 10 countries can use UPI to send and receive money. These countries include Singapore, Australia, Canada, Hong Kong, Oman, Qatar, US, Saudi Arabia, United Arab Emirates, and the United Kingdom.”
UPI, a renowned payment system in India, has gained immense popularity, as it is the most convenient and efficient, when it comes to making instant fund transfers. With its expansion into France, UPI is poised to revolutionize the digital payment landscape in the country.
The partnership between NPCI and Lyra Network has paved way for UPI’s successful integration into the French financial ecosystem. Lyra Network is a leading French payment service provider which provides seamless transition.
UPIs entry in France will also help them set a larger customer base with streamlining payment transactions. With UPI continuing to gain traction globally, this new expansion into France serves as a testament to its growth as a leading digital payment system.
