India's Unified Payments Interface (UPI) takes a giant leap onto the global stage with its formal launch at the iconic Eiffel Tower in Paris, France. This historic move comes as a result of a collaboration between India and France, solidifying a digital payments sector agreement signed in July of the previous year. The partnership aims to make UPI the go-to payment mechanism not just in India but worldwide.
Launch at the Eiffel Tower:
The formal launch occurred during a Republic Day Reception at the Eiffel Tower, symbolizing the deepening ties between India and France. This move is in alignment with Prime Minister Narendra Modi's vision of elevating UPI onto the global stage. The Indian Embassy in France took to Twitter to express gratitude to Prisca Thevenot, Minister Delegate in charge of Democratic Renewal, for honouring the occasion. The event attracted a diverse audience, including members of Parliament, business leaders, scholars, friends of India, and the Indian community in France.
NPCI's partnership with Lyra:
NPCI International Payments Limited has collaborated with Lyra, a leading French firm specializing in e-commerce and proximity payments. This strategic partnership facilitates the acceptance of UPI payments in France, beginning with the Eiffel Tower. Christophe Mariette, Commercial Director of Lyra France, expressed pride in gaining the trust of the Indian government and NIPL for launching UPI in Europe. The partnership is anticipated to open new business opportunities in the French and European tourism ecosystem.
Benefiting Indians in France:
This collaboration enables Indian tourists, the second-largest group at the Eiffel Tower, to enjoy a seamless transaction experience. Visitors can easily scan a QR code on the merchant's website and utilize their UPI-powered apps for online ticket purchases, enhancing the overall experience for Indian tourists in France.
France-India Digital Payments Agreement:
The digital payments sector agreement signed in July positions France as the first European country to adopt India’s UPI for retail transactions. This groundbreaking move strengthens the relationship between India and France in the realm of digital payments.
Future of payments in France and Europe:
The acceptance of UPI in France not only benefits Indian tourists but also opens new avenues for merchants in the tourism and retail sectors across France and Europe. The Eiffel Tower is the pioneer, and NPCI plans to extend UPI payments to other merchants, making it easier for Indian travellers to book hotels, museum visits, and more remotely.
Tourist-Friendly Payment Option:
With Indian tourists being the second-largest group visiting the Eiffel Tower, the UPI payment system offers a familiar and convenient payment method. Scanning a QR code on the merchant's website initiates the payment process, enhancing the overall experience for Indian travellers.
Expansion Plans Beyond Eiffel Tower:
Plans are underway to extend UPI payments to other merchants in the tourism and retail sectors across France and eventually throughout Europe. This expansion aligns with the broader vision of making UPI a globally accepted payment mechanism.
PM Modi's invitation to President Macron:
President Macron, serving as the Chief Guest during India's 75th Republic Day celebrations, received a demonstration of the UPI digital payments system from Prime Minister Modi. This demonstration emphasized the functionality of UPI during Macron's visit to Jaipur.
UPI for Eiffel Tower tickets:
NPCI announced that tourists visiting the Eiffel Tower can now book tickets using UPI payments. This collaboration with Lyra facilitates quick, easy, and hassle-free transactions for Indian tourists, who constitute a significant portion of the Eiffel Tower's international visitors.
How to book Eiffel Tower tickets through UPI?
Indian tourists can use their UPI apps to scan the QR code on the merchant's website and initiate a payment for Eiffel Tower tickets. The service will soon be extended to other merchants in the tourism and retail space, making it more convenient for touring Indians to plan their stay in France.
How it will bolster cross-border transactions?
The acceptance of UPI in France creates opportunities for merchants in the tourism and retail sectors across France and Europe. This integration accelerates UPI adoption among French merchants, ensuring secure, interoperable cross-border transactions.
Lyra Network's CEO and MD, Rajesh Desai, emphasized UPI's strategic introduction, fostering economic collaboration between India and France. UPI accounted for 40% of global real-time payments in 2023, witnessing significant growth in volume and value. The expansion plans include entering the global UPI arena and collaborating with fintech, banks, government projects, and merchants.
India's UPI achieves a momentous global milestone with its launch at the Eiffel Tower in Paris. The strategic partnership between NPCI and Lyra, coupled with the visionary collaboration between India and France, propels UPI onto the international stage. As UPI extends its influence beyond the iconic landmark, it sets the stage for a future where seamless digital transactions become the norm, not just in India but across the globe.
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