On Thursday, Prime Minister Narendra Modi announced that India and France have agreed to deploy the Unified Payments Interface (UPI) in this European country, thereby opening up a massive new market for Indian innovation. Modi told the Indian community at the La Seine Musicale, a performing arts institution on an island in the Seine, that Indian tourists will soon be able to make rupee payments from atop the Eiffel Tower via UPI.
“An agreement has been reached in France for the usage of India’s UPI.It will begin with the Eiffel Tower, and Indian tourists will be able to make payments in Rupees via UPI in the Eiffel Tower,” the prime minister added.
The National Payments Corporation of India (NPCI), the umbrella organisation that provides UPI services, inked an MoU in 2022 with Lyra, France’s quick and secure online payment system. In 2023, UPI and Singapore’s PayNow struck an agreement that will allow users in both countries to conduct cross-border transactions. The UPI payment system has already been used by the UAE, Bhutan, and Nepal. The NPCI International is in talks to expand UPI services in the United States, Europe, and West Asia.
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