Are you planning a trip to the city of romance and the Eiffel Tower? If yes, you may want to know what PM Narendra Modi announced during his recent 2-day visit to France.
Strengthening bilateral trade, tourism and NCPI’s brainchild UPI, India and France have agreed to implement UPI in France. PM Modi made this announcement on his official visit to the country. In his own words, the PM stated that soon, starting from Eiffel Tower, Indian tourists could pay in rupees using UPI! Isn’t this exciting?
UPI’s growth has been a case study for the world. As per media reports, In May 2023, UPI recorded its highest-ever transactions of 9.41 billion at a value of Rs 14.30 trillion! This is just for a month!
France joining the wagon of other countries who have already adopted UPI is a massive push for UPI and is in line with India gaining more soft power for creating one global transaction system. Let’s read more about what India’s move on UPI spells out for the world.
Moving UPI beyond the borders: The purpose and countries that are party
UPI’s introduction in France can be a game changer for Indian tourists who will no longer need to rely on Forex exchange, cumbersome currency exchange processes or carry cash. Just like in India, a click on a UPI-enabled app and Indian tourists will be able to transact seamlessly in France.
A year back, NIPL signed an MoU with Lyra Network, a France-based payment solution, to allow for the introduction of UPI and RuPay cards, marking UPI’s entry into Europe.
This is not the first time that UPI has gone international. NPCI International Payments Limited (NIPL), which is the international arm of NPCI, has signed MoU with countries like UAE, Bhutan, Singapore, and Nepal to expand NPCI digital payment systems. Not just that, NCPI is in talks with countries like USA and more to further push UPI’s reach.
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PM Modi introduces UPI in France. What does this mean for Indians and the Indian diaspora in France?
PM Modi’s visit to France and the subsequent announcement on UPI integration is a game-changer for Indians residing there. Most Indian tourists are already familiar with the digital payment system. This move can increase tourism in the country and make travel more seamless.
PM Modi’s trip was not just diplomatic talks: There were discussions on climate change, education and India’s economic growth. The PM also revealed the upcoming opening of a new Indian consulate in Marseille. It was also announced that Indian students in France will now be granted five-year post-study work visas.
So while tourists have increased ease of travel, India and France have strengthened their relationship. This can be seen as a win-win for both countries.
Conclusion
India and France are excited about their tech-savvy future and the opportunities ahead. The integration of UPI in France’s digital payment systems can be seen as a real boost to the UPI tech and tourism industry. Many countries have already adopted UPI, and several countries have shown interest in getting a piece of the pie. Is this a new chapter in UPI’s success story? We shall know soon.