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).
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UPI’s Adoption
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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.
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