After the cross border transaction facility between India's UPI and Singapore's PayNow, India has taken a major step in the digital payment system. A significant visit of PM Narendra Modi to France marked some major initiatives towards ties between India and France. The launch of Unified Payment Interface (UPI) is one of them. While addressing the Indian diaspora in France on 14 July, PM Modi announced that UPI will now be used in France. And it will start from the Eiffel Tower.
Due to this initiative, Indian tourists will be able to make payments in Rupees. It will cut the cost of fund transfer and remittance payments. Also, the most prominent thing is it will reduce the risk of carrying cash.
UPI will help for smooth and easy cross-border transactions. It will increase the economic interdependence between both countries. Digital payment platforms have led to revolution in society. UPI in France will definitely bring some kind of change between the economies of both countries.
An International Monetary Fund (IMF) study said that such steps for financial connectivity with other countries is helping India to overcome its poverty.
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