In a remarkable feat, India formally launched the Unified Payments Interface (UPI) at the iconic Eiffel Tower in Paris on Friday.
Making the announcement, the Indian Embassy in France reportedly termed it as part of Prime Minister Narendra Modi’s vision of taking UPI, global.
Reportedly, the UPI was formally launched at the Republic Day reception held in France.
Mention must be made that the UPI, India’s mobile-based payment system developed by the National Payments Corporation of India (NPIL) in 2016, allows people to make round-the-clock payments through a virtual payment address created by the customer.
Moreover, UPI is a system that powers multiple bank accounts into a single mobile application of any participating bank, merging several banking features, seamless fund routing and merchant payments into one hood.
During his visit to France in July last year, Prime Minister Modi announced the agreement between India and France to use the UPI payment mechanism, quoting it to begin from the iconic Eiffel Tower.
In addition, Prime Minister had said that Indian tourists in France will now be able to make payments in rupees.