Image Credits : PTI
India’s Unified Payments Interface (UPI) has made its international debut with a formal launch ceremony held at the iconic Eiffel Tower in Paris, France. The historic event, organized by the Indian Embassy in France, signals a significant milestone in Prime Minister Narendra Modi’s vision of elevating UPI onto the global stage.
The official launch at the Eiffel Tower, a symbol of innovation and progress, took place during a Republic Day Reception, reflecting the strengthening bilateral ties between India and France. This momentous occasion not only marks the realization of PM Modi’s announcement but also signifies India’s ambition to establish UPI as a global standard in digital payments.
The Indian Embassy in France took to Twitter to announce the launch, expressing gratitude to Prisca Thevenot, the Minister Delegate in charge of Democratic Renewal and Government Spokesperson, for gracing the occasion with her presence. The event brought together a diverse audience comprising members of Parliament, business leaders, scholars, friends of India, and the Indian diaspora in France, highlighting the widespread interest and support for UPI’s global expansion.
The launch ceremony coincided with French President Emmanuel Macron’s visit to India as the Chief Guest for the country’s 75th Republic Day celebrations in New Delhi. During Macron’s visit to Jaipur, PM Modi showcased the functionality of UPI, emphasizing its significance in driving digital transformation and fostering financial inclusion.
In a significant development following the launch, the National Payments Corporation of India (NPCI) announced a partnership with French e-commerce and payments platform Lyra to enable UPI payments for tourists visiting the Eiffel Tower. This collaboration aims to streamline the ticket booking process, offering visitors a convenient and secure payment experience.
With Indian tourists constituting a substantial portion of international visitors to the Eiffel Tower, the integration of UPI payments provides a seamless solution for purchasing tickets online. Utilizing the UPI payment mechanism involves scanning a QR code generated on the merchant’s website, facilitating swift and hassle-free transactions.
Unified Payments Interface (UPI), introduced by NPCI in 2016, has revolutionized the banking landscape in India by offering a unified platform for fund transfers and merchant payments. The system integrates multiple bank accounts into a single mobile application, simplifying financial transactions and promoting digitalization across diverse sectors.