Germany's federal minister for digital and transport Volker Wissing on 20 August used Unified Payments Interface (UPI) to make a payment at a vegetable shop in the national capital.
One of India’s success stories is digital infrastructure. UPI enables everybody to make transactions in seconds. Millions of Indians use it. Federal Minister for Digital and Transport @Wissing was able to experience the simplicity of UPI payments first hand and is very fascinated!," the embassy said on X.
The NPCI (National Payments Corporation of India) was launched in 2016, the UPI now clocks over 9 billion transactions a month in terms of volume come 2023. UPI integrates multiple bank accounts into a single mobile application into a single mobile application.
Till now, Sri Lanka, France, UAE, and Singapore had partnered with Indian government on emerging fintech and payment solutions.
Earlier in July, Prime Minister Narendra Modi had announced that India and France have agreed to use UPI payment mechanism.
“India and France have agreed to use UPI in France. In the coming days, it will begin from the Eiffel Tower, which means Indian tourists will now be able to pay in rupees," PM Modi said, referring to the Unified Payments Interface, or UPI.
The NPCI signed an MoU with France’s Lyra in 2022. Under the mutual arrangement, the Indian digital payment system will work on the Lyra network of France, which means when someone has to make a payment in euro (France’s official currency) in Paris, one can make payment via UPI in Indian rupee and the amount equivalent to the sum in euros will get deducted.
Before this, a similar agreement was signed between UPI and Singapore’s PayNow, enabling citizens in both the countries to carry out cross-border transactions.