From big shopping malls to neighbourhood kiosks… one can readily find QR codes everywhere in India now. Digital transactions have spread all over the South Asian nation in the reign of Prime Minister Narendra Modi. Now, France has agreed to start using India's Unified Payments Interface (UPI) money transfer mechanism. UPI is an instant payment system developed by National Payments Corporation of India (NPCI). This interface facilitates inter-bank peer-to-peer and person-to-merchant transactions. This payment mechanism is used on Mobile devices to instantly transfer funds between two bank accounts.
The Indian Prime Minister, who arrived in France on July 13 on a two-day official visit to attend the Bastille Day parade as Chief Guest, confirmed that France decided to launch its first UPI at the Eiffel Tower. Speaking at an event, Prime Minister Modi said: "Be it India's UPI or other digital platforms, they have brought a huge social transformation in the country and I am happy that India and France are also working together in direction." He stressed: "India and France have agreed to use UPI in France. I will leave after the agreement. However, it is your job to move forward. Friends, in the coming days its beginning will be made from Eiffel Tower which means that Indian tourists will now be able to make payments in Rupees, through UPI, at Eiffel Tower." The visiting Indian leader added: "India and France are tackling many challenges of the 21st Century. Therefore, at this crucial time, the importance of the strategic partnership between our countries has increased even more."
The Indian Prime Minister further claimed that the UPI would facilitate transactions avoiding cash altogether. Incidentally, the Modi Government in New Delhi started encouraging cashless transactions after the Demonetisation phase in November 2016. Since then, the majority of Indians have been using various UPI apps, like GooglePay, PhonePay, Paytm, etc. Later, India launched the Bharat Interface for Money (BHIM) after considering an increase in money transactions through digital channels. These apps are regulated by the National Payments Corporation of India (NPCI).
During PM Modi's stay in Paris, India and France signed a number of agreements related to bilateral defence and trade. Before his return to India, the Prime Minister also visited the United Arab Emirates (UAE). Reports suggest that the UAE and Sri Lanka have also decided to settle trade in Indian Rupees.
It may be noted that Singapore was the first country to introduce the UPI system after India. Later, Bhutan, Nepal, the UAE and Oman started using Indian digital media and RuPay cards for money transactions. France is all set to become the first European country to accept the UPI system.
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