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India launches UPI payments at world-renowned Galeries Lafayette in Paris | Financial News
India has launched Unified Payments Interface (UPI) at the historic Galeries Lafayette department store in Paris, following a successful launch at the iconic Eiffel Tower.
Photo: ShutterstockPress Trust of India London/Paris
India has launched Unified Payments Interface (UPI) at the historic Galeries Lafayette department store in Paris, following a successful launch at the iconic Eiffel Tower.
This significant step aims to realize Prime Minister Narendra Modi’s vision of globalizing UPI, an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016.
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“On 3rd July 2024, UPI was launched at the flagship store of the world-renowned Galeries Lafayette in Haussmann, Paris. This expands the acceptance of UPI in Paris following a successful launch at the iconic Eiffel Tower,” the Embassy of India in France said in a statement on Thursday.
India’s Ambassador to France and the Principality of Monaco Jawed Ashraf launched UPI in live in-store usage in the presence of Nicolas Houze, CEO of Galeries Lafayette, and Alain Lacour, Chairman of Lyra Group, the statement said.
“I am thrilled to launch @UPI_NPCI at the world famous @Galeries_Laf in Paris. Following the launch at the Eiffel Tower in January 2024, expanding UPI across France. A journey that PM @narendramodi started in 2018 with UPI in Singapore taking another step forward,” Ashraf said in a post on X.
In February, India formally launched UPI at the iconic Eiffel Tower, saying it would take forward Prime Minister Modi’s vision of taking UPI global.
Recalling the successful launch of UPI at the Eiffel Tower in January 2024 and the meeting held for potential merchants with NPCI International in February 2024, the Ambassador welcomed the speedy conclusion of the agreement and arrangement between Lyra and NPCI for the launch of UPI at the world-famous Galeries Lafayette ahead of the Paris Olympics starting on July 26, 2024, which is expected to attract a large number of Indian visitors, the statement said.
The Ambassador recalled the first international launch of UPI in Singapore in 2018 by Modi and expressed satisfaction with UPI’s international journey.
He hoped that in addition to being a fast, secure and efficient means of international digital payments, UPI would grow as a means of international remittances and eventually become the digital payment system in countries around the world.
UPI is a system that brings together multiple bank accounts under a single mobile app (from any participating bank), bringing together multiple banking features, integrated funds routing and merchant payments under a single app, according to NPCI.