Ira Singh
Khabar Khabaron Ki,05 July’24
India has extended the reach of its revolutionary Unified Payments Interface (UPI) to Paris’ historic Galeries Lafayette, following a successful debut at the iconic Eiffel Tower. This development marks another significant milestone in India’s global digital payment expansion, providing seamless and secure payment options for Indian tourists in France.
This significant step is towards realising Prime Minister Narendra Modi’s vision of globalising UPI, which is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016.
On July 3, 2024, the UPI became live at the flagship store of the world- renowned Galeries Lafayette in Haussmann, Paris. This expands the acceptance of UPI in Paris after a successful launch at the iconic Eiffel Tower,” the Indian Embassy in France On July 3, 2024, the UPI became live at the flagship store of the world-renowned Galeries Lafayette in Haussmann, Paris. This expands the acceptance of UPI in Paris after a successful launch at the iconic Eiffel Tower,” the Indian Embassy in France reportedly stated in a release on Thursday.
Ambassador of India to France and Principality of Monaco Jawed Ashraf launched UPI by live use at the store in the presence of Nicolas Houze, CEO of Galeries Lafayette, and Alain Lacour, Chairman of Lyra Group, the release stated.
The launch of UPI at Galeries Lafayette is a significant step in strengthening economic and cultural ties between India and France.Recalling the success of the UPI launch at the Eiffel Tower in January 2024 and the meeting hosted for potential merchants with NPCI International in February 2024, the Ambassador of India to France and Principality of Monaco Jawed Ashraf welcomed the quick conclusion of the agreement and arrangement between Lyra and NPCI for the launch of UPI at the world-famous Galeries Lafayette ahead of the Paris Olympics starting July 26, 2024, which is expected to draw a large number of Indian visitors, the release said.
The ambassador recalled the first international launch of UPI in Singapore in 2018 by Modi and expressed satisfaction with the international journey of UPI.
He hoped that in addition to quick, safe and efficient means of cross-border digital payments, UPI would grow as a medium of cross-border remittances and eventually become the digital payment system in countries across the world.
About UPI
Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI) in 2016. It powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing, and merchant payments into one platform, making digital payments simple, secure, and quick.
Looking Ahead
The successful launch of UPI at both the Eiffel Tower and Galeries Lafayette sets a precedent for other global retailers to consider adopting this innovative payment system. As UPI continues to expand its global footprint, it is poised to become a key player in the international digital payments landscape, making cross-border transactions as seamless as those within India.