Key Highlights
- Iconic landmark Eiffel Tower now takes Indian payments through UPI
- PM Modi celebrates UPI’s global impact on digital transactions
- UPI transactions in 2023 cross 100 billion, with December alone hitting 12 billion at Rs. 18.23 lakh crore
In a significant development, the globally renowned Eiffel Tower has made history by becoming the first merchant in France to accept India’s UPI service. This milestone reflects the growing global influence of UPI and its potential impact on digital transactions. Also Read | No Card? No Problem: Here’s How To Withdraw Cash From ATMs Via UPI
Modi Applauds UPI’s Global Leap At Eiffel Tower
Prime Minister Modi expressed his enthusiasm for the UPI launch at the Eiffel Tower, deeming it a “wonderful example of encouraging digital payments and fostering stronger ties.” Through a social media post, he emphasized the event’s significance, marking a pivotal step towards taking UPI to a global audience.
NIPL And Lyra Collaboration: Enabling UPI In France
NPCI’s international arm, NPCI International Payments (NIPL), joined forces with Lyra, a prominent French company specializing in e-commerce and proximity payment solutions. This partnership aims to facilitate UPI acceptance in France, starting with the iconic Eiffel Tower. Indian tourists can now effortlessly initiate payments in Indian rupees by scanning a QR code on the merchant’s website.
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UPI’s Expansion Plans In France And Europe
NIPL and Lyra have ambitious plans to extend UPI services beyond the Eiffel Tower. Future endeavors involve introducing UPI payments to additional merchants in the tourism and retail sectors across France and Europe in the coming months. This move is expected to enhance convenience for users and further establish UPI as a global payment solution.
UPI’s Phenomenal Growth In India
Meanwhile, back in India, the UPI has witnessed remarkable growth. In 2023, the number of UPI transactions surpassed 100 billion, experiencing a substantial 60% increase from the previous year’s 74 billion transactions. The total transaction value in 2023 reached approximately Rs. 182 lakh crore, marking a notable 44% surge from 2022’s Rs. 126 lakh crore.
December 2023: A Record-Breaking Month For UPI
December 2023 proved to be a remarkable month for UPI, with transactions exceeding 10 billion, reaching an exact figure of 12 billion. The total transaction value for this month alone amounted to Rs. 18.23 lakh crore. According to the NPCI, daily UPI transactions in December surpassed an impressive 387 million, showcasing the widespread adoption and popularity of UPI in the country.
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