New Delhi: UPI has now formally been launched at the iconic Eiffel Tower at the huge Republic Day Reception. France has allowed the Unified Payments Interface (UPI) to work in the country. NPCI International Payments Limited (NIPL) and Lyra, a French leader in securing e-commerce and proximity payments, have announced the acceptance of the UPI payment mechanism in France. From now on, Indian tourists can book their visit to the Eiffel Tower by purchasing tickets online using UPI. With this, France has become the first European country to accept UPI. 

Addressing the Indian community at La Seine Musicale in Paris, PM Modi said, “Be it India's UPI or other digital platforms, they have brought a huge social transformation in the country and I am happy that India and France are also working together in direction."“India and France have agreed to use UPI in France. I will leave after the agreement. However, it is your job to move forward. Friends, in the coming days its beginning will be made from Eiffel Tower which means that Indian tourists will now be able to make payments in Rupees, through UPI, at Eiffel Tower," the Prime Minister said.

How would UPI in France benefit? 

In 2022, the government said that 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.

India and Singapore linked their digital payments systems, UPI and PayNow, to enable instant transfers. 

For UPI transactions in Singapore, the DBS Bank is providing an exchange rate to the NPCI. The sending bank credits the total rupee amount to the NPCI’s settlement bank.

The NPCI’s settlement bank then instructs the DBS to credit the beneficiary’s bank in Singapore dollars. The NPCI shares a part of the markup with the sending bank, and all banks get the same share.