In France, UPI was launched on Friday. The Indian Embassy in France officially launched the Unified Payments Interface (UPI) on the Eiffel Tower in Paris on February 2nd. Now, people can book tickets for the Eiffel Tower through UPI.

Prime Minister Narendra Modi reacted to this, saying, “It’s wonderful to see. I am delighted. This is an important step towards making UPI global, promoting digital payments.”

Launch after French President Macron’s India visit

This launch took place after the visit of French President Emmanuel Macron to India. Macron visited Jaipur on January 25th. During this visit, Prime Minister Modi provided information to him about the UPI payment digital system and even taught him how to make a payment. They also shared a cup of tea, with President Macron making the payment through UPI.

French President praises UPI payment

French President Macron became a fan of UPI payments. On January 26th, during a state dinner, he said, “I can never forget the tea I had with PM Modi in Jaipur because the payment was made through UPI. It was special for me. The tea was the best example of our friendship, warmth, tradition, and innovation.”

Agreement on digital payments between France and India

During his visit to France in July 2023, Prime Minister Modi mentioned an agreement between France and India regarding digital payments. According to this agreement, payments can be made in France using India’s UPI. He mentioned that soon, Indian tourists in France will be able to make payments in rupees.

NIPL and Liracollect sign agreement

NCPI International Payments Limited (NIPL) and France’s Liracollect signed an agreement to implement Unified Payments Interface (UPI) in France and Europe.

UPI launched in 2016

Unified Payments Interface (UPI) was launched in 2016 by the National Payments Corporation of India (NPCI). It allows easy transfer of funds directly to bank accounts, eliminating the need for digital wallets.

NPCI operates UPI in India

The operation of Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) payment systems in India is under the Reserve Bank of India (RBI). Systems like IMPS, RuPay, and UPI are operated by the National Payments Corporation of India (NPCI). The government mandated a zero-charge framework for UPI transactions from January 1, 2020.

What is UPI?

UPI, or Unified Payments Interface, is India’s mobile-based payment system. It allows people to make 24/7 payments through virtual payment addresses created by customers. UPI is a banking platform that facilitates various banking services, including seamless fund routing, 24/7 money transfer, and receipt capabilities.

Growing towards a cashless economy

UPI is contributing to India’s progress towards a cashless economy. India is currently a leader in digital payments globally, with almost 46% of online transactions happening only in India.

Over 1200 crore transactions in December 2023

In December 2023, over 1200 crore transactions took place through Unified Payments Interface (UPI), amounting to 18.23 lakh crore rupees. This figure surpassed the transactions in November, which were 17.40 lakh crore rupees. The National Payments Corporation of India (NPCI) revealed these numbers, indicating the popularity of this payment mode.

In a recent statement during his visits to Uganda and Nigeria, Foreign Minister S. Jaishankar mentioned that in just one month, the cashless transactions in India exceeded those of the United States in three years. The growing trend of digital payments continues to show that people are embracing this payment mode.

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