“India and France have agreed to use UPI in France. In the coming days, it will begin from the Eiffel Tower which means Indian tourists will now be able to pay in rupees,” said PM Modi while addressing the diaspora in France.
In 2022, the National Payments Corporation Of India (NPCI), the umbrella organisation that offers UPI services, signed an MoU with France’s own fast and secure online payment system, called Lyra.
Earlier this year, India’s UPI and Singapore’s PayNow signed an agreement paving the way for users in the two countries to make seamless, real-time, and secure cross-border transactions.
NPCI is also in talks with other countries in the USA, Europe, and West Asia to extend UPI services.
As per RBI data, UPI transactions stood at Rs 139.2 trillion in FY23 or about 73 percent of all non-cash transactions in India in 2022. According to a PwC report, daily transactions are likely to reach 1 billion by 2026–2027, accounting for about 90 percent of all non-cash transactions.
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Modi was received by Prime Minister Borne at the airport in a special gesture. A ceremonial welcome and Guard of honour were accorded to Prime Minister Modi upon his arrival at the airport.
