Union Communications and Electronics & Information Technology Minister Ashwini Vaishnaw said that UPI and Rupay cards will soon be recognized in France, giving the Unified Payments Interface and Rupay yet another push.
UPI in France
National Payments Corporation of India Overseas (NPCI International), the international branch of National Payments Corporation of India (NPCI), has reached a Memorandum of Understanding (MoU) with Lyra Network, a French payment solutions business, as per the sources.
As part of the agreement, Lyra Networks will permit Indians to pay using Unified Payments Interface and Rupay cards at Lyra Networks terminals and ATMs, enabling Indian students and tourists to buy stuff.
These small displays two months after NPCI International formed a deal with NeoPay, a transactions division of Mashreq Bank in the UAE, that will enable Indians in the UAE to use UPI on the company’s terminals across the country.
About the Deal
As per the sources, Union Minister Ashwini Viashnaw said that the NPCI International and the Lyra Network of France have signed a MoU for the acceptance of UPI and Rupay Cards in France. In a month, India conducts 5.5 billion UPI transactions.
He also stated that the Memorandum of Understanding with France is a significant success for them.
This will also help Rupay, which recently got a boost when the country’s central bank stated that Rupay credit cards will shortly be connected to the Unified Payments Interface network, allowing users to pay with their Rupay credit card via UPI. In places like Bhutan and Singapore, Indians can already use Unified Payments Interface. NPCI International is also in talks with the Nepalese government to permit UPI payments.
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