Source: X
In a significant development, Prime Minister Narendra Modi extended his congratulations to France for the formal launch of the Unified Payments Interface (UPI) at the iconic Eiffel Tower in Paris. Acknowledging this milestone, PM Modi hailed it as a remarkable example of promoting digital payments and fortifying international relations.
“Great to see this- it marks a significant step towards taking UPI global. This is a wonderful example of encouraging digital payments and fostering stronger ties,” the Prime Minister posted on X.
The UPI is India's mobile-based payment system, allowing users to conduct 24/7 transactions through a virtual payment address. Functioning across multiple bank accounts within a single mobile application, UPI seamlessly integrates various banking features, facilitating effortless fund routing and merchant payments.
During his visit to France in July last year, Prime Minister Narendra Modi announced the adoption of the UPI payment mechanism by India and France. This initiative commenced at the iconic Eiffel Tower, enabling Indian tourists in France to make payments in rupees. This strategic move exemplifies the collaborative efforts between the two nations to embrace innovative financial technologies and enhance digital transactions for their citizens.