NPCI International Payments Limited (NIPL) has partnered with Lyra, a French company specializing in e-commerce and proximity payments, to introduce Unified Payments Interface (UPI) in France. The initiative kicks off at the Eiffel Tower, where Indian tourists can now use their UPI-powered apps to book tickets online.
This collaboration is significant as Indians are the second-largest group of international visitors to the Eiffel Tower.
Through this partnership, Indian tourists can securely make online transactions by scanning a QR code generated on the merchant website using their UPI apps, as stated by NPCI.
Ritesh Shukla, CEO of NIPL, emphasized the goal of collaborating with financial institutions globally to offer consumers convenient and secure cross-border payment solutions.
Christophe Mariette, Commercial Director of Lyra France, highlighted the potential of the partnership for the tourism sector, indicating new business opportunities. The National Payments Corporation of India (NPCI) and France’s Lyra signed a memorandum of understanding (MoU) in 2022.
Enabling UPI payments in France allows Indian tourists to transact in rupees through UPI, potentially avoiding markup charges typically associated with international credit and debit card payments.
Adhil Shetty, CEO at BankBazaar.com, mentioned the possibility of additional transaction and currency conversion fees with international UPI transactions, depending on banks and regulatory guidelines.
With over 380 million users, UPI has emerged as a dominant payment method in India, recording over 12.2 billion transactions in January 2024 alone.
