UPI at Eiffel Tower: A New Era of Digital Payment System 2023
On a spectacular occasion in Paris, Prime Minister Modi addressed the Indian diaspora and announced that France will now accept payments through India’s Unified Payments Interface, beginning with the renowned Eiffel Tower.
During his two-day visit to France on Thursday, Prime Minister Narendra Modi announced that India’s UPI will now be operational in the country. On a spectacular occasion in Paris, Prime Minister Modi addressed the Indian diaspora and announced that France will now accept payments through India’s Unified Payments Interface, beginning with the renowned Eiffel Tower. Simply put, this implies that travellers from India can pay for their travel expenses in French francs.
UPI, introduced by the then-RBI Governor Raghuram Rajan as a test initiative in 2016, has seen a sharp increase in usage. Following the trial project, more and more banks began releasing UPI-enabled applications, and now it is the preferred method for conducting cashless transactions.
According to experts, the open protocol of UPI is responsible for its success. This indicates that it can function smoothly with other technologies and develop a broader network than its rivals in the financial payment business.
PM Modi will participate in the Bastille Day celebrations later in the day after making the UPI announcement on Thursday in Paris. After Dr Manmohan Singh, he is the second Indian Prime Minister to participate in the renowned parade in Paris. Today’s festivities will also include a march across Paris by the 269-person tri-service contingent from India. Three Indian Skies Force Rafale combat planes will join their French counterpart in the skies.
French President Emmanuel Macron used Twitter to publish a message in Hindi before the Bastille Day procession. Macron congratulated the bilateral ties between France and India and wished PM Modi a “dear Modi, welcome to Paris.” The French President tweeted a picture of the two leaders sharing a loving hug. The visit will occur at a pivotal time for both France and India. There will be essential defence deals revealed in Paris. India’s defence minister authorized the procurement of additional Rafale fighter jets on Thursday.
During his official visit to France, Prime Minister Narendra Modi made a significant announcement about introducing the Unified Payments Interface (UPI) system at the Eiffel Tower. This move is a step forward in the bilateral relations between India and France, as the Eiffel Tower symbolises French innovation and engineering. This development, marking a new chapter in the digital payments landscape, bridges two culturally and historically rich nations and provides a secure, easy, and swift means of payment for millions of tourists, especially those from India.
The (UPI) is an instant real-time payment system developed by the (NPCI) that enables inter-bank transactions. With UPI, users can link multiple bank accounts to a single mobile application, consolidating various banking features, seamless fund routing, and merchant payments in one place. It is round-the-clock availability, and the mobile-centric model has revolutionized India’s digital payments sector, with the platform accounting for 2.7 billion transactions valued at INR 5.05 trillion in June 2023 alone.
The integration of UPI at the Eiffel Tower has been made possible through a collaboration between NPCI International Payments Limited (NIPL), the international arm of NPCI, and several French banks. This unprecedented move was initiated to ease the payment-related struggles of Indian tourists visiting the Eiffel Tower, who can now make payments using their existing UPI apps.
Indian tourists can pay for their tickets to the Eiffel Tower, dine at restaurants, and shop at the souvenir shops directly through their UPI-enabled apps without worrying about currency conversion rates, carrying adequate cash, or dealing with card-related issues. The platform will operate in conjunction with the existing payment systems and is aimed to provide a seamless and user-friendly experience.
The UPI system’s technical aspects and security protocols will remain the same as in India. Each transaction will require a two-factor authentication process – something the user knows (a password or a Mobile Personal Identification Number) and something the user has (a smartphone with UPI app). It retains all its key features, including Peer-to-Peer collection requests, seamless merchant transactions, and bank interoperability.
Both nations warmly welcomed the announcement, hailing it as a landmark in India-France relations. It was also lauded for its potential to boost tourism, contribute to both countries’ digital economies, and promote a cashless society. Moreover, this integration signals India’s digital payment systems’ growing global influence.
As for the impact on tourists, the move is expected to increase Indian tourist footfall at the Eiffel Tower significantly, as the convenience and ease of transaction offered by the UPI system would make the visit hassle-free and more enjoyable.
The adoption of the UPI payment system at the Eiffel Tower marks a key milestone in the international expansion of India’s digital infrastructure. This revolutionary change, heralded by Prime Minister Narendra Modi, paves the way for further integration of the UPI system worldwide and showcases the potential of India’s digital solutions in a global context. As nations worldwide steadily advance towards becoming cashless societies, such innovative collaborations will define the future of international financial transactions.
