Digital transactions have been introduced in France as India introduced the Unified Payments Interface- UPI in Eiffel Tower in France.
History: UPI is India’s Success Story
UPI was introduced in 2016 by the National Payments Corporation of India (NPCI) and is known for its significant breakthrough in India’s financial sector, opening a new era of convenience and accessibility in financial transactions.
The Unified Payments Interface (UPI) in India is creating an interbank digital payments system that seamlessly facilitates interbank account fund transfers through smartphones
With over 380 million users, UPI has established itself as a prominent payment method in India, as evidenced by its recent milestones.
In January 2024 alone, UPI recorded over 12.2 billion transactions, solidifying its position as the world’s most efficient instant payment system.
Impact: UPI on India’s Digital Payment Realm
Since its inception, UPI has reshaped India into the foremost hub for digital payment transactions globally. This pioneering platform has democratized financial services, granting millions of unbanked individuals access to the formal economy.
An eminent accomplishment of UPI is its contribution to assimilating millions of previously unbanked Indians into the conventional financial structure. By furnishing a user-friendly and accessible platform for digital transactions, UPI has empowered individuals from all socio-economic backgrounds to conduct cashless transactions effortlessly.
Another notable feature of UPI is its role in facilitating remittances from the Indian diaspora. With an estimated $100 billion in annual remittances, UPI provides a fee-free and efficient channel for overseas Indians to send money to their families back home, contributing to financial inclusion and economic empowerment.
During the height of the global pandemic, UPI emerged as a lifeline for millions of Indians grappling with economic uncertainty, providing essential financial support and stability.
Recognition: UPI in Eiffel Tower, France
The formal launch took place in France during the Republic Day Reception hosted by France which was attended by French President Emmanuel Macron, who was the chief guest at the Republic Day celebration on January 26, 2024.
Stating “To implement Prime Minister Narendra Modi’s vision of taking UPI global”. This is considered an important step towards realizing the scope digital economy and how UPI can aid its implementation.
With this development, Indian visitors can make secure online transactions by using their UPI-powered apps to scan the QR code generated on the merchant website and complete their payments hassle-free.
The acceptance of UPI in France not only offers Indian tourists a convenient payment option but also opens up new opportunities for merchants in the tourism and retail sectors across France and Europe.
Also read: 1000 Accounts, 1 PAN: How Paytm Payments Bank Came Under RBI’s Radar
While the Eiffel Tower is the first to adopt UPI payments in France, this service will soon be expanded to other merchants in the tourism and retail industry.
Notable attendees at the announcement event included M Jawed Ashraf, the Ambassador of India to France and Monaco, and representatives from Lyra, including Alain Lacour, President of the Lyra Group, Christophe Mariette, Commercial Director of Lyra France, and Patrick Branco Ruivo, CEO of Société d’Exploitation de la Tour Eiffel.
