India’s Unified Payments Interface (UPI) has made a significant move by becoming accepted at the flagship store of Galeries Lafayette on Haussmann Boulevard in Paris. This is a major step in Prime Minister Narendra Modi’s vision of making UPI a global payment system. UPI, an instant payment system developed by the National Payments Corporation of India (NPCI) in 2016, is gaining international traction.
On July 3, 2024, the Indian Embassy in France announced that UPI payments are now live at Galeries Lafayette, a world-renowned store in Paris. This follows the successful launch of UPI at the Eiffel Tower earlier this year. The announcement was made in the presence of Jawed Ashraf, the Ambassador of India to France and the Principality of Monaco, Nicolas Houze, CEO of Galeries Lafayette, and Alain Lacour, Chairman of Lyra Group.
The Ambassador highlighted the success of UPI at the Eiffel Tower and the subsequent meeting in February 2024, where potential merchants were introduced to NPCI International. He praised the swift agreement and arrangement between Lyra and NPCI, which made the launch at Galeries Lafayette possible just ahead of the Paris Olympics set to begin on July 26, 2024. The Olympics are expected to attract many Indian visitors, making this initiative timely and beneficial.
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Ambassador Ashraf also recalled the first international launch of UPI in Singapore in 2018 by Prime Minister Modi. He expressed satisfaction with UPI’s international journey and its growing acceptance.
He hoped that UPI would not only provide a quick, safe, and efficient means of cross-border digital payments but also become a significant medium for cross-border remittances. The ultimate goal is for UPI to become a widely accepted digital payment system in countries worldwide.
As Paris prepares for the 2024 Olympics, the introduction of UPI at a major retail location like Galeries Lafayette aims to make transactions easier for the increasing number of Indian tourists. This move underscores UPI’s potential as a global digital payment solution, enhancing the shopping experience for international visitors.
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