France Embraces UPI: A Milestone in Digital Payments
In a historic development, France has become the first European country to accept digital payments through India's Unified Payment Interface (UPI). This groundbreaking move opens doors for UPI users to seamlessly purchase tickets for the iconic Eiffel Tower in Paris.
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| France becomes the first European country to accept UPI payment |
The Collaboration: NPCI and Laira
The National Payments Corporation of India (NPCI) International Payments forged a significant collaboration with French company Laira in 2022, laying the foundation for this trailblazing initiative. Tourists can now leverage UPI to make transactions by scanning a QR code on the official Eiffel Tower website.
A Global Expansion of UPI
France joins the ranks of countries embracing the efficiency of UPI, following the successful linkage between India and Singapore in February of the previous year. This collaboration aimed to facilitate immediate and cost-effective cross-border payments between UPI and Singapore's Paynow.
In October 2023, NIPL (NPCI International Payments Limited) further expanded its reach by signing a Memorandum of Understanding (MoU) with Al Etihad Payments in Abu Dhabi, UAE. This move aimed to facilitate seamless cross-border transactions, marking another stride in UPI's global adoption.
UPI's Global Footprint
India's UPI has been making waves on the international stage, with countries like Nepal, Bhutan, Oman, Britain, and Sri Lanka adopting this advanced payment service. The acceptance of UPI by France signifies a broader trend of countries recognizing and incorporating India's digital payment infrastructure.
Understanding Unified Payments Interface (UPI)
Launched by NPCI in 2016 with 21 member banks, UPI revolutionized the payment landscape in India. This immediate payment service (IMPS) operates 24/7, facilitating swift and cashless transactions. Top UPI apps, including Phone Pay, Google Pay, Amazon Pay, and Bhima App, have played a crucial role in popularizing this seamless payment method.
NPCI, established by the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the 'Payment and Settlement Systems Act, 2007,' oversees retail payments and settlement systems in India. The creation of NPCI International Payments Limited (NIPL) in April 2020, as a fully-owned subsidiary, emphasizes the organization's commitment to driving innovations in digital payments globally.
In conclusion, France's acceptance of UPI payments marks a pivotal moment in the international adoption of India's digital payment ecosystem. As UPI continues to gain traction globally, this achievement reinforces its status as a robust and versatile platform for seamless transactions.
