RBI’s NPCI signs a MoU with France to broaden UPI RuPay acceptance


After the digital payment system in India gained worldwide fame, the Unified Payment Interface (UPI) is all set to become operational in its first European country, France. NPCI, the company behind UPI, has signed an MoU with Lyra Networks of France to increase the acceptability of UPI and RuPay cards in France.

“Given that India is doing 5.5 billion UPI transactions per month, this strategic partnership will certainly prove to be a game-changer in the digital payments ecosystem.” Ashwini Vaishnav Hon’ble Union Minister of Communications, Electronics and Information Technology.

UPI in France

NPCI is owned by a consortium of major banks in India. NPCI was established by RBI and Indian Banks’ Association (IBA). The National Payments Corporation of India (NPCI) is promoted by the Reserve Bank of India (RBI). It is a not-for-profit organization registered under the Companies Act 2013, NPCI was established in 2008.

Currently UPI and RuPay are accepted in Singapore (March, 2020), Bhutan (July, 2021) and more recently in UAE and Nepal (February, 2022). Soon France is going to be the 5th country where Indian UPI and RuPay will be accepted for transactions.

Lyra Networks is a company based out of France on a mission to “revolutionise the world of payments by bringing an innovative spirit and new technologies to the market”. The company has an office in Maharashtra India.

Support Indian Spectator, follow us on Google News. Submit your opinion and guest articles on Info.indianspectator@gmail.com

IS NewsDesk
Stories curated by our interns and news crew. Originally reported or general compilation from various available sources and news agencies.

Latest News

Sadanga or the six limbs on which Indian art and painting rests

India has been rich in the history of art and culture since time immemorial. Art in the Indian subcontinent...

Pushpa 2 the Rule is all set commence shoot, Fahadh Faasil to play key role

Allu Arjun and Rashmika Mandanna starrer Pushpa garnered widespread acclaim across the country, especially in the northern part of...

Allen Institute is set to foray into edtech to compete with Unacademy, Byju’s

Allen Career Institute, the premier coaching institute of Kota Rajasthan has announced its foray into the EdTech space. The...

South Star rail becomes First private train in India under Bharat gaurav scheme

After many years of resistance, India has finally got its first private train, under the Bharat Gaurav scheme. The...

Saudi puts a blanket ban on rainbow toys and clothes, cracks down on homosexuality

Saudi Arabia has started a crackdown on gay rights. In the bid, the administration started seizing rainbow-coloured toys and...

Aam aadmi party revamps its Gujarat state unit post dissolution

Arvind Kejriwal's Aam Aadmi Party recently banished the party unit in Gujarat for anti-party activities. Exactly four days after...

What is Agnipath scheme, why are youth worried about it? Explained

As per the new Agnipath scheme of the Government of India, the government will recruit about 45,000 to 50,000...

Education Boards in India, Benefits and Features – Which one to Choose

India is such a vast nation, there are about 121 languages ​​spoken here with more than 19,500 dialects, which...