France is the first European country to accept UPI and Rupay payments. The international wing of the National Payments Corporation of India (NPCI International) signed a Memorandum of Understanding (MoU) with France’s Lyra Network on June 16th, said Minister of Communications, Ashwini Vaishnaw, in conversation with ANI. With this deal, United Payment Interface (UPI) and Rupay card services will be available in France soon. The move comes after the Reserve Bank of India’s recent proposal to link Rupay credit cards to UPI, deepening the interface’s penetration across the country. Indians will be able to make payments via UPI and Rupay cards at Lyra terminals and machines—which may facilitate smoother payment experiences for Indian students and tourists in France. As of 2019, there were 10,000 Indian students in France—although the French government hopes to bring 20,000 to its shores by 2025. In 2017, over 7 lakh Indian tourists visited the country. Recent travel relaxations post-COVID-19 by the French government could boost the numbers of inbound tourists. It could also set a precedent for the adoption of these services in other international jurisdictions. After a series of Asian countries, France is the first European country to accept the two home-grown payment services. Who Are the Signatories to the MoU? The expansion of UPI and Rupay card services outside of India’s borders is the primary objective of NPCI International. It was established in 2020 as a wholly-owned subsidiary of the NPCI (which was founded in 2018). A parallel mission of NPCI International: ‘any…
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