UPI & RuPay card to accept in France soon; NPCI signs MoU with Lycra Network
News highlights
- The National Payments Corporation of India International has signed an MoU with France’s Lyra Network.
- This will allow Indians to pay using UPI and Rupay cards in France.
- UPI is already accepted in Bhutan, UAE, and Singapore.
In order to promote Unified Payments Interface (UPI) and RuPay card, the international arm of National Payments Corporation of India (NPCI) has signed MoU with Lyra Network of France for acceptance of UPI and RuPay in the country. It will be beneficial for Indian students or travelers.
NPCI International has signed an MOU with Lyra Network of France for acceptance of UPI and RuPay cards in France.
@AshwiniVaishnaw @GoI_MeitY pic.twitter.com/MOwGyE2zPe— NPCI (@NPCI_NPCI) June 16, 2022
This MoU between France and India was announced by the Union Minister of Electronics and Information Technology, Ashwini Vaishnaw. During the announcement, he said that Indians can pay using UPI and RuPay card in France soon where there is a Lyrca Network terminal or machine.
Unified Payments Interface (UPI)
- Markets: India; Bhutan; Nepal; Malaysia; Singapore; United Arab Emirates; International by cross-border payment agreements
- Owner: National Payments Corporation of India
- Introduced: 11 April 2016; 6 years ago
“The whole world is watching that India is doing 5.5 billion UPI transactions in a month. This is a big achievement for India. Today’s MoU with France is a big step towards the world,” the minister told ANI. UPI is already an internationally recognised way of payment, according to the Minister of Electronics and Information Technology. Indian UPI is used in United Arab Emirates (UAE), Singapore, and Bhutan. He also said, after France, the next focus of NPCI International is Nepal.
“We tried and successfully launched. The majority of the merchandise accepts UPI and Rupay cards. I strongly believe that we can do this in Europe also. In France, we are attempting to implement UPI and Rupay cards as quickly as possible. We’ll have to talk to the central bank, the regulator, and businesses in France about this. In France, there is very less use of digital payment. But it needs to be integrated and seamless,” said Ashraf. He also talks about the seamless and transparent mode of digital payment and how effective it could be in France.
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