Union Communications and Electronics & Information Technology Minister Ashwini Vaishnaw said that UPI and Rupay cards would soon be recognized in France, giving the Unified Payments Interface (UPI) and Rupay another boost.
The overseas branch of National Payments Corporation India (NPCI), NPCI International, has struck an agreement with Lyra Network, a provider of payment solutions in France As part of the agreement, Lyra Networks will allow Indians to pay using UPI and Rupay cards at Lyra Networks terminals and ATMs, making payment easier for Indian students and visitors.
Ashwini Vaishnaw, India’s Minister of Communication and Information Technology, said the alliance between UPI and MasterCard will be a “game changer” in the digital payments industry. UPI is now available in Bhutan, Singapore, Nepal, and the United Arab Emirates. Other nations in Europe and the United States are also being approached by NPCI International about using UPI services.
India’s visitors to France may now easily pay for their purchases thanks to the introduction of the new UPI payment system. Singapore-based PayNow has also partnered with the National Payments Corporation of India (NPCI). In March of this year, Nepal also implemented the payment method for digital transactions.
Ashwini Vaishnaw, the union minister in Paris attending a technology event, recognized “India’s UPI goes global,” a crucial milestone toward “digital payments inclusion,” by inaugurating the India pavilion, which is hosting 65 entrepreneurs from India.
According to the Union Minister, UPI and RuPay Cards would benefit from the MoU inked by NPCI International and Lyra Network of France. The National Payments Corporation of India (NPCI) is in charge of retail payment and settlement systems in India. Payment products administered by the National Payments Corporation of India include RuPay Cards, UPI, and BHIM.
https://twitter.com/NPCI_NPCI/status/1537303162889342976?s=20&t=7XdvJnOJ6mtuPmwbWcriuQ
In a tweet, NPCI International said UPI and RuPay cards will be accepted in France after NPCI International inked an MOU with Lyra Network, a French payment network. Just two months earlier, NPCI International established a relationship with NeoPay, a payments subsidiary of Mashreq Bank in the UAE, allowing Indians in the UAE to make payments using UPI on the company’s terminals across the country.
An agreement has been reached between NPCI, International, and Lyra Network of France to accept the UPI and Rupay cards in France. 5.5 billion UPI transactions take place in India every month. “The MoU today is a significant victory for us,” Ashwini Vaishnaw, union minister, told the news agency.
NeoPay, a payments subsidiary of Mashreq Bank in the United Arab Emirates, and NPCI International partnered just two months ago to allow Indians living in the UAE to use UPI at NeoPay terminals all around the country.
NPCI, International, Â Lyra Network of France have secured an agreement to accept UPI and Rupay cards in France. Every month, 5.5 billion UPI transactions are carried out in India. Ashwini Vaishnaw, the union minister, told the news agency that the MoU signed today is a huge success for us.
A similar agreement was struck with PayNow, a Singapore-based payment service provider, last year. In addition, in March of this year, Nepal established a payment system for digital transactions.
The Reserve Bank of India (RBI) stated in its annual report issued last month that it is working on the use of UPI for cross-border remittances. The UPI could be linked to similar systems in other jurisdictions, particularly those of the G20 countries, to improve cross-border payment arrangements, as the central bank has investigated.
UPI and RuPay Cards would also benefit from the current MoU. India’s National Payments Corporation of India (NPCI) is responsible for retail payment and settlement systems, including RuPay Cards, UPI, and BHIM.
NPCI International was established in 2020 as a wholly-owned subsidiary of NPCI, which was created in 2018. Internationally, RuPay and UPI are being rolled out by the international arm.
The RBI also recently declared that credit cards will be able to be linked to the UPI. The central bank stated that the service would be limited to RuPay cards at first. Now, credit cards may be linked to the payment system, which was previously only permitted for debit cards. As a result of the shift, credit card transactions are likely to increase, and the usage of UPI will grow as well.
