Indian UPI revolution reaches France, kicking off transactions from Eiffel Tower
India's dominance in the digital payments space saw a further boost when Prime Minister Narendra Modi on Thursday (July 13) announced in Paris that both countries have reached an agreement to utilise the Unified Payments Interface (UPI) in France.
In his address to the Indian community at the La Seine Musicale, a renowned performing arts center in Paris, Modi expressed excitement that Indian tourists will soon be able to make payments in rupees using UPI while standing atop the iconic Eiffel Tower.
What
The agreement between India's National Payments Corporation of India (NPCI) and France's secure online payment system, Lyra, was signed in 2022.
“In France, an agreement has been made for the use of India's UPI...It will be started from the Eiffel Tower, and now Indian tourists would be able to make payments in Rupees, through UPI, in the Eiffel Tower,” the Prime Minister said.
UPI has already expanded its reach to countries like the UAE, Bhutan, and Nepal. In 2023, UPI also signed an agreement with Singapore's PayNow, enabling cross-border transactions between the two nations.
Furthermore, NPCI International is in talks to extend UPI services to the United States, European countries, and West Asia.
India's dominance in the digital payments space
PM Modi also highlighted how India has become a digital payment hub and how it has brought a huge social transformation in the country.
"In today’s time, world’s 46% Real Time Digital Transaction is happening in India. Direct Benefit Transfer has became a part of governance," he said.
India accounted for 46 per cent of the global real-time payments in 2022, which was more than the combined digital payments of the next four top countries.
The rise of smartphones and mobile internet have contributed to India's dominance in the digital payments space.
Digital payments in India
India has recorded 89.5 million digital transactions in the year 2022, MyGovIndia data revealed. UPI has recorded 803.6 crore digital payment transactions with the value of Rs 12.98 lakh crore in January 2023.
Digital payment transactions have significantly increased from 2,071 crore transactions in FY 2017-18 to 8,840 crore transactions in FY 2021-22.
In 2022, the total value of digital payments in India was estimated to be $2.3 trillion.
France grants long-term visas and plans new Indian consulate
France has decided to grant long-term five-year visas to students pursuing a master's degree in the country, allowing them ample time to explore opportunities and contribute to the French education system.
Additionally, Modi announced the opening of a new Indian consulate in Marseille, further strengthening bilateral ties.
PM Modi in France
PM Modi has been invited as the guest of honour at the Bastille Day celebrations by French President Emmanuel Macron. Units from India's army, navy and air force will also participate in the parade.
During his visit, Modi received a grand welcome and was honored with the highest distinction of France, the Grand Cross of the Legion of Honour.
In his hour-long speech, PM Modi talked India's rapid development and its evolving role in a changing world order.