Paris, February 2: The Unified Payments Interface (UPI) has been formally launched at the Eiffel Tower in Paris, the Indian Embassy in France said on Friday and termed it as part of Prime Minister Narendra Modi's "vision of taking UPI global." The UPI was formally launched at the Republic Day reception held in France.

In a post on X, the Indian Embassy in France stated, "UPI formally launched at the iconic Eiffel Tower at the huge Republic Day Reception. Implementing PM @narendramodi's announcement & the vision of taking UPI global." UPI Transactions: New Regulations and Key Changes Come Into Effect in 2024 To Improve Online Banking and Payment Transaction Experiences; Check Details.

The UPI is India's mobile-based payment system and allows people to make round-the-clock payments through a virtual payment address created by the customer. UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood.

In 2023, India and France committed to nurturing a thriving ecosystem and building collaborations that empower their citizens and ensure their full participation in the digital century, according to the India-France joint statement. NPCI International Payments Limited (NIPL) and France's Lyra Collect executed an agreement to implement the Unified Payment Interface (UPI) in France and Europe. UPI Transactions: RBI Announces Regulations and Changes Applicable From January 1, 2024; Check Details Here.

During his visit to France in July last year, Prime Minister Narendra Modi announced that India and France have agreed to use the UPI payment mechanism and it will begin from the iconic Eiffel Tower. PM Modi said that Indian tourists in France will now be able to make payments in rupees.

While addressing the Indian community at La Seine Musicale in Paris on July 14, PM Modi said, "Be it India's UPI or other digital platforms, they have brought a huge social transformation in the country and I am happy that India and France are also working together in direction. India and France have agreed to use UPI in France. I will leave after the agreement. However, it is your job to move forward. Friends, in the coming days its beginning will be made from Eiffel Tower which means that Indian tourists will now be able to make payments in Rupees, through UPI, at Eiffel Tower."

Recently, French President Emmanuel Macron visited India to attend the Republic Day Parade as as Chief Guest. During his visit, Macron and Prime Minister Narendra Modi visited a tea stall and interacted with each other over a cup of tea in Jaipur. Macron used UPI to make a payment there. Earlier, PM Modi explained the UPI digital payments system to Macron as the two leaders visited a local shop during their visit to Hawa Mahal in Jaipur.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)