UPI at Eiffel Tower! India, France agree for new payment system, PM Modi announces in Paris – details here

financialexpress.com:

Prime Minister Narendra Modi, who is on a two-day France visit, on Thursday announced that India’s UPI would now work in France. Addressing the Indian diaspora in a glittering event in Paris, PM Modi said that India’s Unified Payments Interface will now be active in France starting with iconic Eiffel Tower. In simple terms this means that Indian visitors would be able to make payments in France in Indian rupee.

<a href=«https://twitter.com/hashtag/PMModiFranceVisit?src=hash&ref_src=» https:>#PMModiFranceVisit

: <a href=«https://twitter.com/hashtag/India?src=hash&ref_src=» https:>#India and <a href=«https://twitter.com/hashtag/France?src=hash&ref_src=» https:>#France have agreed to use <a href=«https://twitter.com/hashtag/UPI?src=hash&ref_src=» https:>#UPI in France. In the coming days, it will begin from the Eiffel Tower which means Indian tourists will now be able to pay in rupees<a href=«https://twitter.com/PMOIndia?ref_src=» https:>@PMOIndia<a href=«https://twitter.com/EmmanuelMacron?ref_src=» https:>@EmmanuelMacron<a href=«https://twitter.com/MEAIndia?ref_src=» https:>@MEAIndia Source: ANI pic.twitter.com/JWwdPw56zz

UPI, which was launched in by then RBI Governor Raghuram Rajan in 2016 as a pilot project, has witnessed a meteoric rise in terms of usage. After the pilot project, more and mor banks started launching UPI-enabled apps and now it has become a go-to way for making cashless transactions.

Experts say that the success of UPI can be attributed to its open protocol. This means it can interact with other technologies seamlessly and can build much larger network in comparison with its competition in financial payment sector.

PM Modi, who made the UPI announcement in Paris on Thursday, will take part in the