Introduction to Unified Payments Interface
The Unified Payments Interface (UPI) is a real-time payment system in India that allows individuals to instantly transfer funds between bank accounts using a mobile platform. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized the way people make transactions in the country.
Several leading Indian banks have adopted UPI, and numerous third-party payment apps have integrated the UPI infrastructure into their platforms, providing users with a wide range of options to choose from. The system has witnessed exponential growth since its inception, processing billions of transactions and contributing to the digitization of the Indian economy.
Overall, the UPI system has played a pivotal role in driving financial inclusion and digital payments in India. With its user-friendly interface and robust security features, UPI has made sending and receiving money quick, convenient, and accessible to millions of individuals across the country.
India’s Influence on France
India and France have reached a mutual agreement to implement UPI as a payment method, starting at the renowned Eiffel Tower, as revealed by Prime Minister Narendra Modi. As a result, Indian visitors in France will have the capability to conduct transactions in Indian rupees. The Indian community at La Seine Musicale in Paris was the audience to PM Modi’s address, where he expressed, how substantial societal transformation has been achieved in our country through India’s UPI and other digital platforms. brings me joy to witness the collaboration between India and France as we move forward in this direction.”
“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.”
Prime Minister of India, Shri Narendra Modi
The declaration is regarded as a significant advancement in India and France’s trade and tourism relationship. PM Modi further mentioned that the two nations have been engaged in joint archaeological expeditions for an extended period, expanding their scope from Chandigarh to Ladakh. Another area that strengthens the bond between India and France is the development of digital infrastructure.
Emphasizing the vital role of the people-to-people connection between France and India, PM Modi stated that it forms the most vital foundation for the partnership between the two countries. PM Modi also highlighted that India and France are addressing numerous challenges of the 21st century. Consequently, he emphasized that the strategic partnership between the two nations has gained even greater significance in these critical times.
