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India-France partnership in digital payment space to better collaborations, economic interdependence: PM Modi, ET Government

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<p>PM Modi and France President Emmanuel Macron</p>
PM Modi and France President Emmanuel Macron

Opening new doors for digital financial connectivity to push bilateral trade and tourism, Prime Minister Narendra Modi late on Thursday announced that India and France have agreed to launch India’s most used digital payment platform mechanism, Unified Payments Interface (UPI) in France. PM Modi in an address to the Indian diaspora said that the launch of UPI in France will commence from the iconic Eiffel Tower and enable Indian tourists to make payments in rupees while in France.

According to PM Modi, the new digital payment partnership between the two countries will help bring better collaboration and increase economic interdependence. Addressing the Indian community at La Seine Musicale in Paris, PM Modi said that the collaboration in the digital payment space will play a significant role in social transformation brought by UPI and other digital platforms. He said that the agreement to use UPI in France marks a step forward in the partnership between the two nations.

“Be it India’s UPI or other digital platforms, they have brought a huge social transformation in the country, and I am happy that India and France are also working together in this direction. India and France have agreed to use UPI in France. Its beginning will be made from the Eiffel Tower, which means that Indian tourists will now be able to make payments in Rupees, through UPI, at the Eiffel Tower,” PM Modi said.

The Unified Payments Interface (UPI) is a mobile-based payment system, enabling individuals to make round-the-clock payments through a virtual payment address created by the customer. The agreement between UPI and Singapore’s ‘PayNow’ earlier this year facilitated cross-border transactions between the two countries.

According to PM Modi, the new age digital infrastructure was strengthening the ties between India and France, alongside the long-standing collaboration on archaeological missions. PM Modi also highlighted the positive impact of India’s efforts on a global scale, citing an International Monetary Fund (IMF) study that revealed India’s progress in reducing extreme poverty.

“An IMF study says that extreme poverty in India is now on the verge of ending. When India does such great work, it benefits not only the country but the entire humanity,” PM Modi said.

The two-day state visit of Prime Minister Modi to France assumes significance as he would attend France’s National Day Parade as its chief guest.

  • Published On Jul 14, 2023 at 10:04 AM IST

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