The overseas branch of India’s National Payments Corporation (NPCI) has inked an MoU with France’s Lyra Network to adopt UPI and Rupay in the country.
Union Communication Minister Ashwini Vaishnav said that UPI and Rupay card services would be available in France soon, giving a massive boost to the Unified Payments Interface (UPI) and Rupay cards.
The National Payments Corporation of India’s (NPCI) overseas arm has inked a memorandum of understanding (MoU) with Lyra Network of France for the adoption of UPI and Rupay in the country, according to the ANI news agency.
“The fact that India conducts 5.5 billion UPI transactions per month is being watched worldwide. This is a significant accomplishment for India. The Memorandum of Understanding with France signed today is an important step forward in the globe, “Vaishnav said.
So far, countries such as Singapore, the United Arab Emirates, Bhutan, and Nepal have adopted India’s UPI payment system. The NPCI International is discussing expanding UPI services in the United States, Europe, and West Asia.
Indian travelers can make smooth payments throughout their trip to France thanks to an agreement between NPCI International and Lyra Network.
Jawed Ashraf, an Indian ambassador in France, spoke about his experience with a seamless and transparent digital payment system and how beneficial it may be in France.
The Ambassador claimed that he once went to the doctor but could not pay since he lacked the necessary cash or check.
He could pay in cash or by check, according to the doctor. He’ll have to go to an ATM to get the money and pay the doctor. If UPI comes to France, it will be beneficial to the French people. “If we explain the advantages of UPI to the French people, they will accept it,” he stated.
Meanwhile, India has been named “nation of the year” at Europe’s largest start-up conference, Vivatech 2020.
“It is a tremendous honor for India to be named the Vivatech 2020 country of the year. This is owing to the global contribution of Indian start-ups. This is how Indian start-ups get recognized. We’ve started on this fantastic adventure, “Vaishnav said.
Vaishnav stated the combination of billions of cellphones, billions of bank accounts, and billion-plus digital identities in allowing the creation of novel use cases for technology development in India while inaugurating the India pavilion at the Vivatech technology show.
“Many government activities now are born electronically, thanks to Prime Minister Narendra Modi’s leadership. The UPI is an excellent case in point. The health mission will be the following example, which might be as huge as UPI or even more significant, “Vaishnav said.
Many start-ups, he noted, have already begun to engage with the National Health Mission.
With government funding, some 65 Indian start-ups are participating in Vivatech 2022.