France to use UPI And Rupay Cards | First European Country to use UPI

Brief About Issue ?

▪️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

▪️Countries like Singapore, UAE, Bhutan, and Nepal have adopted India’s UPI payment system so far

What is UPI Payment ₹

▪️Unified Payments Interface (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 & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.

▪️The UPI stands For Unified Payment Interface

▪️ UPI Was started on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai.

Features Of UPI 🔥

▪️Immediate money transfer through mobile device round the clock 24*7 and 365 days.

▪️Single mobile application for accessing different bank accounts.

▪️Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.

▪️Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.

▪️QR Code

▪️Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.

▪️Merchant Payment with Single Application or In-App Payments.
Utility Bill Payments, Over the Counter Payments, QR Code (Scan and Pay) based payments.

▪️Donations, Collections, Disbursements Scalable.
Raising Complaint from Mobile App directly.

Note : This Above Article And Video Reference is taken from Official Website Of UPI , Hence to provide best info to you

France to Use UPI !!

As per the ANI news agency, 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.

“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,” Vaishnaw said.

With the MoU between NPCI International and Lyra Network, Indian tourists will be able to make seamless payments during their travel to France.

India’s Ambassador to France Jawed Ashraf said to ANI that India’s UPI and Rupay cards will soon be accepted in France, “We have started the process in France by signing a Memorandum of Understanding (MoU) NPCI, International and Lycra Network of France.”

Ashraf said India has to discuss the payments system with the central bank, the regulator as well as companies here in France, “In France, there is very low use of digital payments. But it needs to be integrated and seamless. It lacks efficiency as we have in India.”

The ambassador added, “India is leading the digital technology world. India has grabbed the semiconductor shortage issue as an opportunity. If we talk about the Vande Bharat train which is a ‘Make in India’ product, I’m sure that we will see the Vande Bharat train in Europe within 5-6 years.”

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