France, the first Western country to open it’s arms for UPI, Rupay !! The Unified Payment Interface (UPI) is scheduled to go live in France after revolutionising the digital payment system in India. NPCI International, the international arm of the National Payments Corporation of India (NPCI), has inked a memorandum of understanding (MoU) with Lyra Network of France to accept UPI and RuPay Cards in the country.Union Communication Minister Ashwini Vaishnaw said in an interview with news agency ANI taht “India is doing 5.5 Bn UPI transactions in a month. Today’s MoU with France is a big achievement for us,” .
UPI recorded 6 billion transactions totaling $134.3 billion in May 2022. (INR 10.4 Lakh Cr). From April 2022 to April 2023, the payments platform recorded a 6.6 percent month-over-month (MoM) increase in transaction volume. It has already surpassed about 80% of the transaction volume of 2021 in the first five months of 2022.
NPCI International entered the UAE market in April after working with Mashreq Bank’s NeoPay payment division. NPCI enabled Indian visitors in the UAE to make smooth UPI payments across NeoPay-enabled businesses and merchant outlets as a result of the relationship.
Last year, NPCI signed a similar agreement with PayNow, a Singapore-based company. In March of this year, Nepal also established a payment mechanism for digital transactions.While NPCI was founded in 2018, NPCI International was incorporated in 2020 as a wholly-owned subsidiary of NPCI. The international arm works on deployment of RuPay and UPI outside India.
The Reserve Bank of India (RBI) stated in its annual report released last month that it is working on the use of UPI for cross-jurisdictional remittances. To improve cross-border payment arrangements, the central bank has looked into joining UPI with comparable systems in other jurisdictions, particularly in G20 countries.

 

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