India Launches UPI Payments at Galeries Lafayette, Paris

Tags: International News

India's Unified Payments Interface (UPI) launched at the Galeries Lafayette flagship store on Haussmann Boulevard, Paris.

An Overview of the News

• The Indian Embassy in France announced the operational status of UPI at Galeries Lafayette on July 3, 2024.

• Ambassador Jawed Ashraf inaugurated the launch with Nicolas Houze (CEO of Galeries Lafayette) and Alain Lacour (Chairman of Lyra Group) present.

Significance and Strategic Collaboration

• Strategic Collaboration:

  • Highlighted the strategic partnership between Lyra and the National Payments Corporation of India (NPCI).

  • This launch is ahead of the Paris Olympics starting on July 26, 2024, expecting many Indian visitors.

• Historical Context:
  

  • Recalled Prime Minister Modi's first international UPI launch in Singapore in 2018.

  • Emphasized UPI's ongoing global expansion and potential for facilitating cross-border digital payments and remittances.

UPI Overview and Capabilities

• System Integration:

  • UPI integrates multiple bank accounts into a single mobile application.

  • Offers seamless fund routing and merchant payments across participating banks.

• Technical Details:

  • UPI is an Indian instant payment system developed by NPCI in 2016.

  • It facilitates inter-bank peer-to-peer and person-to-merchant transactions.

  • Operates as an open-source application programming interface (API) on top of the Immediate Payment Service (IMPS).

  • Regulated by the Reserve Bank of India.

Global Fintech Alignment

• UPI positions itself as a comprehensive digital payment system.

• Aligns with global fintech trends, promoting swift, secure, and efficient cross-border transactions.