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.
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.