📷 Image Credits: The Hindu
India’s Unified Payments Interface (UPI) continues its global expansion with a successful launch at Paris’ historic department store Galeries Lafayette, following a previous launch at the iconic Eiffel Tower. The UPI, developed by the National Payments Corporation of India (NPCI) in 2016, is a significant step towards Prime Minister Narendra Modi’s vision of globalizing UPI.
The launch at Galeries Lafayette on July 3, 2024, marks an important milestone in making UPI more accessible in Paris. Ambassador of India to France and Principality of Monaco Jawed Ashraf, along with CEO Nicolas Houze and Chairman Alain Lacour, were present for the live launch event at the store, further solidifying UPI’s presence in France.
This advancement is part of a larger strategy to internationalize UPI, which started with the inaugural launch in Singapore in 2018 by Prime Minister Modi. The recent launch at Galeries Lafayette is timed strategically before the Paris Olympics 2024, expected to attract a significant number of Indian visitors.
With UPI enabling cross-border digital payments, Ambassador Ashraf expressed optimism about its potential to facilitate cross-border remittances and become a universal digital payment system. The ease of use and efficiency of UPI make it a convenient option for users not only in India but also for Indians abroad.
As India continues to showcase its technological prowess on the global stage, the UPI revolution demonstrates the country’s commitment to innovation and digital transformation. The launch at Galeries Lafayette underscores India’s position as a leader in digital payments and sets the stage for further international acceptance and adoption of UPI.
