France Adopts UPI System, PM Modi Says Indian Tourists to Soon Pay in Rupees at Eiffel Tower - News18
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Prime Minister Narendra Modi addresses the Indian community event at La Seine Musicale, in France. (PTI)
Prime Minister Narendra Modi, referred to the development and said, "in the coming days, Indian tourists can pay in Indian rupees at the Eiffel Tower"
In a significant announcement, France on Thursday adopted United Payments Interface (UPI), becoming the first country in Europe and the only nation in the EU to adopt the payment system in partnership with India. Prime Minister Narendra Modi, referred to the development and said, “In the coming days, Indian tourists can pay in Indian rupees at the Eiffel Tower."
The Prime Minister was addressing Indian community at an event at La Seine Musicale in Paris. The recent development is in line with the India-Singapore fast payment linkage. Earlier this year, India’s UPI and Singapore’s PayNow signed an agreement, enabling users from both countries to conduct seamless, real-time and secure cross-border transactions.
In 2022, the National Payments Corporation of India (NPCI), which oversees UPI services, entered into a Memorandum of Understanding (MoU) with Lyra, France’s fast and secure online payment system. This collaboration between Lyra and UPI will mark the first such arrangement for a European country.
India’s UPI payment system had already been adopted by the UAE, Bhutan and Nepal.
Additionally, NPCI was, according to reports, engaged in discussions with several other countries in the USA, Europe, and West Asia to expand the reach of UPI services.
According to data from the Reserve Bank of India (RBI), UPI transactions amounted to Rs 139.2 trillion in FY23, representing approximately 73 percent of all non-cash transactions in India in 2022. As per a PwC report, daily transactions are projected to reach 1 billion by 2026-2027, constituting around 90 percent of all non-cash transactions, according to a Economic Times report.
PM Modi landed in Paris in the evening for the first leg of his two-day official visit to France and was accorded with a grand welcome and a Guard of Honour. He was also personally received by his French counterpart Elisabeth Borne.
During his two-day visit, the Prime Minister will engage in extensive discussions with President Emmanuel Macron, participate in the Bastille Day parade as the Guest of Honour and hold talks on various topics.
PM Modi and Prime Minister Borne explored opportunities for collaboration in areas such as trade, energy, education, and more.
PM Modi also had a “productive meeting" with Senate President Gerard Larcher, fostering mutual cooperation between India and France. The Prime Minister’s schedule also includes meetings with prominent individuals, a CEO forum, and a lavish banquet dinner at the renowned Louvre in Paris. The visit will conclude with PM Modi’s departure for Abu Dhabi, United Arab Emirates.
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