The Unified Payments Interface (UPI) has been officially launched at the Eiffel Tower in Paris, announced the Indian Embassy in France on Friday. This move is hailed as part of Prime Minister Narendra Modi's initiative to expand UPI globally. The launch took place during the Republic Day celebration held in France.
In a statement shared on social media, the Indian Embassy in France declared, "UPI has been formally introduced at the iconic Eiffel Tower during the grand Republic Day Celebration. This action aligns with PM @narendramodi's directive and his vision to promote UPI on a global scale."
UPI stands as India's mobile-based payment system, facilitating 24/7 transactions through a virtual payment address. This address is created by users, merging multiple bank accounts into a single mobile application. UPI seamlessly integrates various banking functions, enabling effortless fund transfers and merchant payments.
In 2023, India and France pledged to foster a robust digital ecosystem and forge partnerships that empower their citizens in the digital era, as per the joint statement issued by both nations. NPCI International Payments Limited (NIPL) and France's Lyra Collect inked an agreement to implement UPI in France and Europe.
During his visit to France in July last year, Prime Minister Narendra Modi announced the agreement to utilize the UPI payment system, commencing from the iconic Eiffel Tower. He highlighted that Indian tourists in France would now have the convenience of making payments in rupees.
Addressing the Indian community at La Seine Musicale in Paris on July 14, PM Modi remarked, "India's UPI and other digital platforms have catalyzed significant social change in the country. I'm pleased that India and France are collaborating in this direction. UPI will soon be operational in France, starting from the Eiffel Tower, enabling Indian tourists to make payments in rupees."
French President Emmanuel Macron recently visited India as the Chief Guest for the Republic Day Parade. During his trip, Macron joined Prime Minister Narendra Modi for tea at a stall in Jaipur, where he utilized UPI for payment. Earlier, PM Modi briefed Macron on the UPI digital payment system during their visit to a local shop at Hawa Mahal in Jaipur.
