UPI Payments: At the famous Eiffel Tower in Paris, India officially inaugurated the UPI, describing it as a global expansion of Prime Minister Narendra Modi‘s agenda. The action follows the signing of a digital payments agreement in July of last year between France and India, wherein the former becomes the first nation on the continent to permit retail purchases in France using India’s unified payments interface.
NPCI’s UPI Creation (2016)
The National Payments Corporation of India (NPCI) created the Unified Payments Interface, an instant payment system, in 2016. ”UPI formally launched at the iconic Eiffel Tower at the huge Republic Day Reception. Implementing PM @narendramodi’s announcement & the vision of taking UPI global,” India in France posted on X.
Replying to this, PM Modi said, ”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.” According to NPCI, UPI is a system that combines various banking functions, smooth fund routing, and merchant payments into a single mobile application (of any participating bank).
Special Guest Macron at Republic Day
Notably, French President Emmanuel Macron was the Chief Guest for the 75th Republic Day celebrations in New Delhi on January 26 at the invitation of Prime Minister Modi. This was revealed by Prime Minister Narendra Modi during a speech to the Indian community at the La Seine Musicale, a performing arts venue located in Paris, France, on the Seine island.
It also expressed gratitude to the parliamentarians, business executives, academics, Indian friends, and Indians living in France.In a statement, the NPCI said that NPCI International Payments (NIPL), its subsidiary, has partnered with Lyra, a French e-commerce and proximity payment company. This partnership will help guarantee that the UPI payment method is accepted throughout the European nation, beginning at the Eiffel Tower.
Second-Largest Visitor Group
According to the report, Indian tourists currently make up the second-largest group of foreign visitors to the Eiffel Tower. Indian visitors only need to initiate a payment by scanning a QR code issued on the merchant’s website.
The first retailer in France to accept UPI payments is Eiffel Tower, and more retailers and travel agencies in France and throughout Europe will soon follow suit.
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