India’s unified payments interface (UPI) has now gone live in France, the National Payments Corporation of India announced on February 2nd.
NPCI International Payments Limited (NIPL) has joined hands with Lyra, a leading French expert in e-commerce and proximity payments, to introduce the Unified Payments Interface (UPI) in France.
Indian tourists visiting the Eiffel Tower can now conveniently purchase tickets online using UPI, streamlining the transaction process.
This partnership marks a milestone, with the iconic Eiffel Tower becoming the first merchant in the country to accept UPI payments, simplifying the transaction process for Indian tourists.
Expansion of UPI services to France
France the first country in Europe to enable such digital payments. The announcement which made headlines recently, enhances the scope of UPI in foreign countries.
In simpler terms, Indians will now be able to use UPI as a mode of payment using Rupees, when they travel to France. The service will be first available in the Eiffel Tower. The introduction of UPI in France is expected to boost digital payment, which has a low penetration in the field.
How will UPI work in France?
Earlier, Indians travelling abroad had the option to choose from debit cards, credit cards or forex cards, apart from cash. And most of these options can be a bit expensive since conversion and markup fees come into the picture. The markup charges on the services can range between 1% to 3.5%.
However, UPI in France is set to change that. In France UPI payment will be done in Rupees. As of now, there has been an agreement between India’s NCPI and France’s Lyra Network. There is a possibility that there might not be any markup charges. However, further details are awaited.
Charges and fees
UPI transactions in India do not levy any charges. And as of now the announcement made by the Prime Minister of India states that NCPI and Lyra Network have an agreement to continue with the transactions on the Eiffel Tower. Unlike the traditional methods where the markup fees can be a considerable amount, UPI might not attract such hefty fees.
However, in France UPI Payment will be a cost-effective solution for Indians. Considering that the recent UPI agreement between Singapore and India allows travellers to save as much as 10% in cross-border transactions.
Benefits of using UPI in France
In France UPI payment is set to alter the buying experience of Indians. If you are wondering about the benefits of UPI in France, here are some of the most prominent ones.
Using your existing UPI apps for payment in France will eliminate the use of Forex cards and the worry of converting cash to local currency before travelling.
Because the transactions will take place in Rupees, it will reduce the remittance cost of both countries as well.
The system which has been an instant hit in India, will make way for more seamless cross-border transactions, without any worries or hassles.
It will make way for a faster transaction process and reduce your waiting time for the same.
The system will also allow for transferring of funds 24*7, without the need for an IFSC code to transfer funds.
Students who are studying in France will particularly find the new payment option helpful and so will travellers and tourists.
Once its acceptance increases, it might even reduce the need for currency exchange, which usually attracts a fee in the range of Rs. 780 to Rs. 2,680.