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Business News/ Money / How Indian UPI landed in France for digital transaction, and what it means for Bharat

How Indian UPI landed in France for digital transaction, and what it means for Bharat

UPI's collaboration with French digital payment platform Lyra enables seamless and convenient payment experiences for Indian tourists in Europe

In a strategic collaboration with the French digital payment platform Lyra, UPI has extended its reach into Europe.

The recent introduction of India's Unified Payments Interface (UPI) at the Eiffel Tower in France marks a monumental step in the global acceptance of digital payments, particularly benefiting Indian tourists who can now pay in rupees while visiting this iconic landmark. Tourists visiting Paris' Eiffel Tower will now be able to book their trip to the iconic monument using India's Unified Payment Interface.

What does this mean for Indian tourists in France?

“For Indian tourists in France, this means no longer having to worry about currency exchange rates or carrying large amounts of foreign currency. They can now use their familiar UPI apps to make payments directly in rupees at one of the world's most visited monuments. This is not just about convenience; it's about bringing a piece of home abroad, offering comfort and a sense of belonging, even thousands of miles away from India," said Kunal Varma, CEO and Co-Founder at Freo.

This move is expected to enhance the travel experience for Indian tourists in Europe, providing them with the familiar convenience of UPI payments far from home, said Shikhar Aggarwal, Chairman of BLS E-Services.

UPI in France: What it means for the Fintech Industry

For the fintech industry, this is a clear indication of the growing importance of building systems that are adaptable and scalable across different regulatory and economic environments. “I see this as an opportunity to further innovate and explore new frontiers in digital payments, ensuring that we can cater to the needs of a global audience while maintaining the highest standards of security and convenience," said Kunal Varma.

In a strategic collaboration with the French digital payment platform Lyra, UPI has extended its reach into Europe, enabling a seamless and convenient payment experience for Indian tourists, who constitute a significant demographic of travellers in Europe.

"This initiative not only facilitates ease of transactions for Indians abroad but also signifies an important leap towards the globalization of UPI, heralding a new era of digital payment solutions on a global scale," said Shikhar Aggarwal.

The announcement was made in Paris at an event organised by the Indian Embassy in France to celebrate India's Republic Day.

Eiffel Tower is the first merchant to offer UPI payments in France, and the service will soon be extended to other merchants in the tourism and retail space across France and Europe.

Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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ABOUT THE AUTHOR

Sangeeta Ojha

A business media enthusiast. Writes on personal finance, business and banking.
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