Unified Payments Interface (UPI) Launched at Eiffel Tower in Paris

• 05 Feb 2024

The formal launch of India's mobile-based payment system, the Unified Payments Interface (UPI), took place at the iconic Eiffel Tower in Paris during the Republic Day reception, the Indian Emabssy announced on 2^nd February, 2024. The initiative aligns with Prime Minister’s vision of expanding UPI globally.

Key Points

• Key Features of UPI: UPI facilitates round-the-clock payments through a virtual payment address created by users. It integrates multiple bank accounts into a single mobile application, offering seamless fund routing and merchant payments.
• India-France Collaboration: In 2023, India and France pledged to nurture a thriving digital ecosystem and collaborate to empower citizens in the digital century. An agreement between NPCI International Payments Limited (NIPL) and France's Lyra Collect paved the way for implementing UPI in France and Europe.
• Announcement: During Prime Minister Modi's visit to France in July the previous year, he announced the agreement to use UPI for payments, starting from the Eiffel Tower. Indian tourists in France are now able to make payments in rupees through the UPI mechanism.
• France-India Joint Efforts: French President Emmanuel Macron's recent visit to India, where he used UPI to make a payment at a tea stall during interactions with PM, highlighted the successful collaboration between the two nations in promoting digital payments.