In a momentous development, Prime Minister Narendra Modi conveyed his felicitations to France on the formal inauguration of the Unified Payments Interface (UPI) at the iconic Eiffel Tower in Paris. This significant gesture by France received accolades from PM Modi, who hailed it as a commendable stride towards globalizing UPI and advancing digital transactions while strengthening international bonds.
“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,” remarked the Prime Minister on X, expressing his appreciation for the milestone achieved.
The UPI, a mobile-based payment system pioneered in India, enables users to conduct round-the-clock transactions through a virtual payment address. Its innovative design facilitates seamless fund transfers and merchant payments across multiple bank accounts within a single mobile application.
For this pioneering project, NIPL has partnered with Lyra, a prominent player in e-commerce and proximity payments in France. Established in April 2020, NIPL stands as a wholly-owned subsidiary and the international arm of the National Payments Corporation of India (NPCI), a pivotal operator of retail payments and settlement systems in India, backed by the Reserve Bank of India (RBI).
During his visit to France in July the previous year, Prime Minister Narendra Modi unveiled plans for the adoption of the UPI payment mechanism by both India and France. The initiative kicked off at the illustrious Eiffel Tower, providing Indian tourists in France with the convenience of making transactions in Indian rupees. This strategic collaboration underscores the joint commitment of both nations to embrace cutting-edge financial technologies and elevate the digital transaction experience for their citizens.