CURRENT AFFAIRS
CURRENT AFFAIRS
Description
India has officially launched the Unified Payments Interface (UPI) at Paris' iconic Eiffel Tower, taking a significant step toward achieving Prime Minister Narendra Modi's vision of globalizing UPI. This initiative follows the digital payments sector agreement signed between India and France in July of last year, making France the first European country to use India's UPI for retail transactions.
UPI At The Eiffel Tower
Historical Move
India's National Payments Corporation of India (NPCI) has successfully launched UPI payments at the Eiffel Tower, becoming the first merchant in France to do so. This move is consistent with Prime Minister Modi's efforts to establish UPI's global presence.
France-India Agreement On Digital Payments
India and France's digital payments collaboration, which began in July, now allows India's UPI to be used for retail payments in France. This ground-breaking agreement establishes France as the European continent's leader in UPI adoption.
Collaboration With Lyra For UPI Acceptance
NPCI International Payments (NIPL) has partnered with Lyra, a French e-commerce and proximity payments company, to facilitate UPI payment acceptance in France. The strategic collaboration ensures that the UPI payment mechanism is seamlessly integrated, beginning with the Eiffel Tower.
Tourist-Friendly Payment Method
With Indian tourists accounting for the second largest group of international visitors to the Eiffel Tower, the UPI payment system provides a convenient and familiar payment option.
Tourists can simply scan a QR code on the merchant's website to initiate payments, which improves the overall experience for Indian travellers.
Plans For Expansion Beyond The Eiffel Tower
While the Eiffel Tower becomes the pioneer, plans are in the works to expand UPI payments to other merchants in the tourism and retail sectors throughout France and, eventually, across Europe. This expansion is consistent with the larger vision of making UPI a globally accepted payment method.
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