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France first European country to accept India’s UPI

Published: 9th Feb, 2024

Context

NIPL in partnership with Lyra, a French leader in securing e-commerce and proximity payments, has announced the acceptance of the Unified Payments Interface (UPI) payment mechanism in France starting with the iconic Eiffel Tower.

What is UPI?

  • The UPI is India's mobile-based payment system.
  • It is an instant payment system that allows people to make round-the-clock payments through a virtual payment address created by the customer.
  • It was developed by the National Payments Corporation of India (NPCI) in 2016 and is regulated by the Reserve Bank of India (RBI).

UPI’s Adoption

  • With over 380 Million users, UPI as a payment method has significantly marked its presence in India, evidenced by its recent milestones.
  • In January 2024 alone, UPI recorded over 12.2 billion transactions, emphasizing its widespread adoption.

Which nations have adopted UPI?

  • Non-resident Indians (NRIs) from 10 countries can use UPI to send and receive money if their domestic bank accounts are linked to their phone numbers abroad.
  • The list of countries included Singapore, Australia, Canada, Hong Kong, Oman, Qatar, US, Saudi Arabia, United Arab Emirates, and the United Kingdom.

About NIPL

  •  NPCI International Payments Limited (NIPL) is a wholly owned subsidiary of National Payments Corporation of India (NPCI).
  • NIPL is devoted for deployment of RuPay (domestic card scheme) and UPI (mobile payment solution) outside of India.
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