India's UPI Expands to France: PM Modi Announces Revolutionary Payment System at Eiffel Tower
Prime Minister Narendra Modi, currently on a two-day visit to France, electrified the Indian diaspora at a vibrant event in Paris by announcing a groundbreaking development – India's Unified Payments Interface (UPI) will now be operational in France.
PM Modi specifically mentioned that the iconic Eiffel Tower will be the first location where Indian visitors can conveniently make payments in Indian rupees. This move strengthens the bilateral ties between India and France and opens new avenues for seamless cross-border transactions.
Since its pilot launch in 2016 by former RBI Governor Raghuram Rajan, UPI has experienced a phenomenal surge in adoption and usage. More banks have joined the UPI ecosystem, enabling customers to access UPI-enabled apps for hassle-free cashless transactions.
The secret to UPI's success lies in its open protocol, which allows seamless integration with other technologies and facilitates the creation of a vast network within the financial payment sector.
Amid the UPI announcement, all eyes are eagerly awaiting Prime Minister Modi's involvement in the historic Bastille Day celebrations in Paris. He will become the second Indian Prime Minister, following Dr. Manmohan Singh, to participate in the iconic parade.
The event will witness India's tri-service contingent comprising 269 personnel proudly marching through the streets of Paris. Additionally, the Indian Air Force's three Rafale combat jets will join their French counterparts in a spectacular display of camaraderie.
Indo-French Bilateral Ties and Defense Deals
French President Emmanuel Macron took to Twitter to express his excitement about PM Modi's visit, posting a heartfelt message in Hindi and warmly welcoming him to Paris. The visit holds significant importance for both nations as crucial defense deals are expected to be announced.
The Indian defense ministry has already approved the purchase of additional Rafale fighter planes, reinforcing the strategic partnership between India and France.
The expansion of UPI into France signifies a remarkable achievement for the Indian digital payment system and further strengthens the bond between India and France.
This landmark announcement at the Eiffel Tower showcases UPI's versatility and its ability to transcend borders, offering Indian visitors the convenience of making transactions in their own currency.
This development reflects the continuous advancement of financial technology and reaffirms India's commitment to becoming a cashless society.
As PM Modi participates in the vibrant Bastille Day celebrations and key defense deals between India and France are anticipated, this visit marks a pivotal moment in Indo-French bilateral relations.
The synergy between the two nations extends beyond economic and defense ties, showcasing the shared commitment to innovation, progress, and a stronger future.