France may adopt UPI, announcement likely during PM Modi's visit: Report
France may adopt India's Unified Payments Interface (UPI) for faster payments, according to media reports. As per reports, the two countries will discuss the launch of UPI in France during Prime Minister Narendra Modi's visit. The launch will be along the lines of India-Singapore fast payment linkage.
Earlier this year, India’s UPI and Singapore’s PayNow signed an agreement paving the way for users in the two countries to make seamless, real-time, and secure cross-border transactions. In 2022, the National Payments Corporation Of India (NPCI), the umbrella organisation that offers UPI services, signed an MoU with France's own fast and secure online payment system, called Lyra. If an arrangement between Lyra and UPI is announced during PM Modi's France visit, it will be the first such arrangement for an European country.
Prime Minister Narendra Modi departed from India for an official visit to France and the UAE on Thursday morning. He is visiting France at the official invitation of French President Emmanuel Macron from July 13 to 14. Notably, the UAE, Bhutan, and Nepal had already adopted the UPI payment system.
NPCI is also in talks with other countries in the USA, Europe, and West Asia to extend UPI services. As per RBI data, UPI transactions stood at Rs 139.2 trillion in FY23 or about 73 percent of all non-cash transactions in India in 2022. According to a PwC report, daily transactions are likely to reach 1 billion by 2026–2027, accounting for about 90 percent of all non-cash transactions.
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