UPI to go live in France in three to four months
Ritesh Shukla, the CEO of NPCI International Payments Limited (NIPL), has stated that he expects the Unified Payments Interface (UPI) to become operational in France within the next three to four months. This indicates that the necessary preparations and arrangements are being made to launch UPI-based payment services in the country within the specified timeframe.
As reported by ANI, Ritesh Shukla, the CEO of NPCI International Payments Limited (NIPL), mentioned that India and France have recently signed the agreement to enable Unified Payments Interface (UPI) services in France. Prime Minister Narendra Modi announced this agreement during his visit to France.
Shukla stated that they are currently working on establishing readiness on both sides, involving cooperation with banks in India and merchants in France. This preparation phase aims to ensure a smooth and efficient implementation of UPI-based payment services in France within the expected timeframe of approximately three to four months.
As per Shukla’s statement, they are actively working on creating readiness for UPI operations in both India and France. This involves collaborating with banks in India and merchants in France to ensure a smooth and successful launch of UPI-based payment services.
Shukla anticipates that the entire process will take around three to four months before UPI becomes operational in France. Their efforts are focused on making this milestone a reality within the specified timeframe.
The agreement between India and France will allow Indian tourists visiting France to conveniently pay for Eiffel Tower tickets and other attractions in Indian rupees, using the Unified Payments Interface (UPI) system. This development comes as part of efforts to expand UPI operations to other countries and cater to the needs of Indian travelers.
According to Ritesh Shukla, UPI-powered apps such as Bhim UPI are already operational in countries like Singapore, Bhutan, and the United Arab Emirates (UAE). Additionally, they are actively collaborating with several other countries to implement UPI operations in those regions. Within the next three to four months, UPI is expected to go live in two to three more countries.
As of now, UPI-powered apps can be used in UAE, Singapore, and Bhutan, providing a convenient payment option for Indian travelers in those regions. The ongoing collaborations with other countries aim to expand the reach of UPI and enable QR-based acceptance in places where Indian travelers frequently visit. This expansion will facilitate smoother and more seamless transactions for tourists from India, making their travel experiences more convenient and enjoyable.
The implementation of the Unified Payments Interface (UPI) payment method at tourist attractions in France will provide significant benefits to Indian travelers. With UPI, tourists will have the convenience of making payments directly in Indian rupees, eliminating the need to carry cumbersome Forex cards or large amounts of cash.
Ritesh Shukla emphasized that the focus is on markets where there is widespread acceptance of QR code-based payments, making it convenient for Indian travelers. This means that the UPI system will be implemented in places where QR code payments are commonly used, ensuring seamless and user-friendly transactions for tourists from India.
The announcement by Prime Minister Narendra Modi further highlights the significance of the agreement between India and France. Starting at the iconic Eiffel Tower, Indian tourists visiting France will be among the first to experience the convenience of UPI-based payments at major tourist attractions. This move showcases the growing international acceptance and recognition of India’s UPI system as a reliable and secure mobile payment method.
Overall, the agreement to utilize UPI in France marks a significant step in promoting digital payments and enhancing the travel experience for Indian tourists. It offers a more accessible and efficient payment option, aligning with the ongoing efforts to promote cashless transactions and digitization in India’s global engagements.
UPI (Unified Payments Interface) is indeed India’s mobile-based payment system, developed and operated by the National Payments Corporation of India (NPCI). It allows users to make instant and round-the-clock payments using a virtual payment address (VPA) created by customers. With UPI, users can seamlessly transfer funds between bank accounts, pay bills, make online purchases, and conduct various other digital transactions.
Ritesh Shukla’s emphasis on NPCI’s crucial role in India’s digital landscape reflects the organization’s significant contributions to revolutionizing the country’s payment ecosystem. As the umbrella organization for operating retail payments and settlement systems in India, NPCI has played a pivotal role in driving digital payment adoption and promoting financial inclusion.
Expressing pride in India’s participation in the G20 event showcases India’s achievements in the digital payments space on the global stage. As a prominent member of the G20 group of major economies, India’s advancements in digital payments, including the success of UPI, highlight the country’s position as a leader in financial technology innovation.
Overall, UPI’s success and NPCI’s contributions have been instrumental in transforming India’s payment landscape, promoting financial inclusion, and enhancing the ease of conducting digital transactions for millions of people across the country. These achievements are recognized and celebrated not only within India but also on the international platform, reinforcing India’s position as a trailblazer in the digital payments domain.
The recent developments between NPCI International Payments Limited (NIPL) and France’s Lyra Collect are paving the way for the implementation of UPI in France and Europe. An agreement has been executed between the two entities to bring UPI to the region.
According to the information provided, the payment mechanism is in its final stages of production and is expected to go live by September 2023. The iconic Eiffel Tower in Paris will be the first merchant in France to accept UPI payments, marking a significant milestone in enabling Indian tourists to use their UPI-based apps for transactions at this renowned tourist attraction.
The introduction of UPI in France and Europe will provide Indian travelers with the convenience of using their UPI-powered apps to make payments in Indian rupees while visiting popular destinations in the region. This move aligns with the ongoing efforts to promote digital payment systems and enhance the travel experience for Indian tourists abroad.
As the first merchant to accept UPI in France, the Eiffel Tower will symbolize the growing acceptance and recognition of India’s UPI system on the global stage. This development represents a significant step in promoting digital payments and furthering India’s engagement with the international community in the realm of financial technology.
