The Unified Payments Interface (UPI), a revolutionary digital payments system launched by the National Payments Corporation of India (NPCI), has made significant strides since its inception. Known for its seamless, real-time payment capabilities, UPI has now embarked on an ambitious global expansion. By venturing into international markets, UPI aims to offer the same convenience and efficiency to Indian travellers and NRIs (Non-Resident Indians) abroad. This expansion includes key markets such as the UAE and France, where UPI is set to transform the way payments are made and received.
Introduction Of UPI Payments At Galeries Lafayette In Paris
In a landmark development, on July 3, 2024, UPI payments have been introduced at the prestigious Galeries Lafayette in Paris, just at the onset of the Paris Olympics 2024, which begins on the 26th of July. This initiative not only caters to the growing number of Indian tourists but also signifies a step towards the internationalisation of UPI. The renowned department store, famous for its luxury brands and rich shopping experience, now offers Indian shoppers the convenience of using UPI for their transactions.
Significance Of The Launch
The integration of UPI at such a high-profile venue highlights its global acceptance and utility. This move is expected to attract more Indian tourists by offering them a familiar and efficient payment method. Galeries Lafayette’s adoption of UPI underscores the system’s versatility and ease of integration with existing payment infrastructures. Interestingly, the Galeries Lafayette Haussmann is today the second most visited monument in Paris, after the Eiffel Tower.
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Collaboration With French Merchants
The successful rollout of UPI at Galeries Lafayette involved strategic partnerships with French payment processors and merchants. This collaboration ensured that the system met all local regulatory and technical standards, allowing for seamless UPI transactions at the point of sale.
Benefits For Indian Tourists And Shoppers
Indian tourists and shoppers in Paris will find numerous advantages with the introduction of UPI:
- Familiar Payment Experience: They can use their existing UPI apps, eliminating the need to adjust to local payment methods.
- Cost Efficiency: UPI transactions can help avoid the additional charges often associated with international card payments.
- Instantaneous Transactions: Payments are processed in real-time, enhancing the overall shopping experience.
UPI In UAE
You can now use your UPI app to make payments at stores across the UAE. This is possible because of a new partnership between NPCI International (the international arm of India’s National Payments Corporation of India) and Network International, a leading digital commerce company in the Middle East and Africa.
This initiative ensures seamless and secure transactions for Indian tourists and Non-Resident Indians (NRIs) across Network International’s vast merchant network in the UAE.
Network International boasts over 200,000 POS terminals at over 60,000 merchants, covering everything from retail stores and restaurants to hotels, transportation services, and popular tourist attractions like Dubai Mall and Mall of the Emirates.
This initiative caters to the growing trend of Indian tourism in the UAE, with an expected 9.8 million Indian tourists visiting GCC countries in 2024, with the UAE alone anticipating 5.29 million arrivals from India.
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UPI’s Role in Enhancing Cross-Border Transactions
Unified Payments Interface (UPI) is revolutionising cross-border transactions by providing a seamless and efficient payment system for Indian travellers and NRIs globally. The integration of UPI in countries like the UAE and France is a testament to its potential to simplify international payments. UPI’s global expansion supports the Indian government’s vision of a cashless economy and enhances financial inclusion by offering easy access to digital payment methods worldwide.
Facilitating Seamless Payments for Indian Travellers
The convenience of using UPI abroad means Indian travellers no longer need to worry about currency exchange or carrying large amounts of cash. With just a few taps on their smartphones, they can complete transactions in real time. This feature is particularly beneficial in tourist-heavy locations like the UAE and Paris, where Indian visitors can enjoy a familiar and secure payment experience.
Promoting Digital Payments Internationally
UPI’s international ventures are not only beneficial for Indian users but also promote the adoption of digital payments globally. By showcasing the efficiency and security of UPI, other countries might be encouraged to adopt similar systems, thereby enhancing the global digital payment landscape.
UPI continues to break records with its transaction volumes and values. According to the latest data from NPCI:
- As of June 2024, UPI transactions reached 14 billion, marking a 49% year-on-year increase.
- According to the data shared by the National Payments Corporation of India (NPCI) on Monday, in June 2024, UPI value was at Rs 20.07 trillion.
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List of Countries that accept UPI :
- Bhutan
- France (E-Commerce)
- Mauritius
- Nepal
- Singapore
- Sri Lanka
- United Arab Emirates (UAE)
List of Countries that accept RuPay :
- Bhutan
- Nepal
- Mauritius
- Singapore
- UAE
Recently, the Government of India has also signed an Memorandum of Understanding (MoU) with the Maldives government to introduce UPI in Maldives. According to India’s External Affairs Minister Dr. S. Jaishankar: “I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives. I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism.”
Conclusion
The global expansion of the Unified Payments Interface (UPI) is a testament to its success and growing influence in the digital payments landscape. With its recent launches in the UAE and France, UPI is set to continue its international journey, offering Indian travellers and NRIs a seamless payment solution abroad. The system’s efficiency, security, and ease of use make it an attractive option for both users and merchants worldwide.
