UPI, Rupay cards brace for European entry
In a major development, the National Payments Corporation of India‘s (NPCI) international arm has signed a memorandum of understanding (MoU) with Lyra Network of France for acceptance of UPI and Rupay in the country, after which India’s UPI And Rupay cards will soon be accepted in France.
With the MoU between NPCI International and Lyra Network, Indian tourists will be able to make seamless payments during their travel to France.
Indian Ambassador in France, Jawed Ashraf said “India has already started the process in France by signing a Memorandum of Understanding (MoU) between the National Payments Corporation of India (NPCI) and Lyra Network of France.” Ashraf said that when he was the Ambassador of Singapore, he also tried to launch Bhim QR and Rupay cards in the city-state too.
He added, “We tried and successfully launched. Most of the merchandise are accepting UPI payments and Rupay cards. I strongly believe that we can do this in Europe also. We are trying to start UPI and Rupay cards soon in France. We will have to discuss this with the Central Bank, regulator, as well as companies here in France. In France, there is very less use of digital payment. But it needs to be integrated and seamless. It lacks efficiency as we have in India.”
Ashraf further said, “If UPI comes to France, it will benefit the people. If we share the benefits of UPI with the people of France, they will accept it. Regulators, banks, and companies will accept it too. If we implement it in the Bank of France, I think that we will also be able to push it for European Union.”
“We will have to start with France first. Some banks like BNP Paribas, Societe Generale, etc are having presence in India and they know the success story of UPI,” he said.
Countries like Singapore, UAE, Bhutan, and Nepal have adopted India’s UPI payment system so far. The NPCI international is in talks to extend the UPI services in the US, European countries, and West Asia.
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If France is conquered, Europe will get conquered !! Good for India & IT Industry. Time to poise competition to Visa & Mastercard
Watch out for those who would like spoil India’s march by indulging in hacking, invoking IT security….etc…