 "India launches UPI payments at world-renowned Galeries Lafayette in Paris")
London/Paris: India has launched the Unified Payments Interface (UPI) at Paris’ historic department store Galeries Lafayette after a successful launch at the iconic Eiffel Tower.
This significant step is towards realising Prime Minister Narendra Modi’s vision of globalising UPI, which is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016.
”On July 3, 2024, the UPI became live at the flagship store of the world-renowned Galeries Lafayette in Haussmann, Paris. This expands the acceptance of UPI in Paris after a successful launch at the iconic Eiffel Tower,” the Indian Embassy in France said in a release on Thursday.
Ambassador of India to France and Principality of Monaco Jawed Ashraf launched UPI by live use at the store in the presence of Nicolas Houze, CEO of Galeries Lafayette, and Alain Lacour, Chairman of Lyra Group, the release said.
”Delighted to launch @UPI_NPCI in the world-famous @Galeries_Laf in Paris. After the launch in the Eiffel Tower in Jan 2024, expanding UPI across France. A journey that PM @narendramodi began in 2018 with UPI in Singapore taking another step forward,” Ashraf said in a post on X.
In February, India formally launched UPI at the iconic Eiffel Tower here, terming it as taking Prime Minister Modi’s “vision of taking UPI global.” Recalling the success of the UPI launch at the Eiffel Tower in January 2024 and the meeting hosted for potential merchants with NPCI International in February 2024, the Ambassador welcomed the quick conclusion of the agreement and arrangement between Lyra and NPCI for the launch of UPI at the world-famous Galeries Lafayette ahead of the Paris Olympics starting July 26, 2024, which is expected to draw a large number of Indian visitors, the release said.
The ambassador recalled the first international launch of UPI in Singapore in 2018 by Modi and expressed satisfaction with the international journey of UPI.
He hoped that in addition to quick, safe and efficient means of cross-border digital payments, UPI would grow as a medium of cross-border remittances and eventually become the digital payment system in countries across the world.
Impact Shorts
More ShortsUPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood, according to NPCI.
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