India’s position as a leader in digital payments received a significant boost as Prime Minister Narendra Modi announced in Paris that India and France have reached an agreement to implement the Unified Payments Interface (UPI) in France. This agreement, signed between India’s National Payments Corporation of India (NPCI) and France’s Lyra, enables Indian tourists to make payments in Indian rupees using UPI, starting from the iconic Eiffel Tower.
PM Modi emphasized India’s digital payment dominance, highlighting that 46% of the world’s real-time digital transactions take place in India. The country’s digital payment ecosystem has brought about a transformative social impact. UPI has already expanded its reach to countries such as the UAE, Bhutan, Nepal, and Singapore, with talks underway to extend its services to the United States, European countries, and West Asia.
The proliferation of smartphones and mobile internet has played a significant role in India’s digital payment success. In 2022, India accounted for 89.5 million digital transactions, and UPI alone recorded 803.6 crore digital payment transactions with a value of Rs 12.98 lakh crore in January 2023. The total value of digital payments in India was estimated to be $2.3 trillion in 2022, marking a substantial increase in digital payment transactions over the years.
Furthermore, France has announced the granting of long-term five-year visas to students pursuing master’s degrees in the country, aiming to provide them with ample time to explore opportunities and contribute to the French education system. Additionally, PM Modi revealed the opening of a new Indian consulate in Marseille, strengthening bilateral ties between the two nations.
PM Modi’s visit to France as the guest of honor at the Bastille Day celebrations was accompanied by a grand welcome, and he was honored with the prestigious Grand Cross of the Legion of Honour. In his speech, he discussed India’s rapid development and its evolving role in a changing global landscape.
