NPCI International Payments Limited and Lyra have announced the acceptance of the UPI payment mechanism in France.
In a revolutionary step, Indians exploring the renowned Eiffel Tower in Paris can now effortlessly buy tickets through the Unified Payments Interface (UPI). This announcement was made by NPCI International Payments Limited (NIPL) in a recent development. This innovation not only improves the convenience of online transactions for Indian tourists but also provides them with an excellent opportunity for hassle-free travel. Additionally, it creates new possibilities for merchants in France and Europe, particularly those in the tourism and retail industries.
Here are four essential points that you need to know:
NIPL’s collaboration with Lyra
NIPL has joined forces with Lyra, a leading player in e-commerce and proximity payments in France, for this innovative project. Established in April 2020, NIPL serves as a wholly-owned subsidiary and the international branch of the National Payments Corporation of India (NPCI), a key operator of retail payments and settlement systems in India, supported by the Reserve Bank of India (RBI).
Eiffel Tower leads the way in Europe
The Eiffel Tower has become the inaugural site in Europe to adopt UPI payments, marking France as the pioneer country on the continent to embrace this digital payment method. Moreover, the triumphant integration of digital payments at the iconic landmark sets the stage for the expansion of UPI services to numerous other tourism and retail merchants throughout the European nation.
Significance of Indian visitors
As per the press release from NIPL, Indians constitute the second-largest cohort of international visitors to the Eiffel Tower, underscoring the significance of addressing the needs and preferences of this significant tourist group.
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UPI’s impressive user base
According to NIPL’s most recent data, the Unified Payments Interface boasts a substantial user base, surpassing 380 million (38 crore) users in India. In the previous month alone, an impressive 12.2 billion (1220 crore) transactions were conducted through this resilient and widely adopted payment platform.
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