The UPI payment system is currently available in countries including Bhutan, Singapore, Nepal, and the UAE. The NPCI International is also in talks to extend UPI services in the United States, West Asia and other European countries
The National Payments Corporation of India’s (NPCI) international arm, NPCI International, has signed a memorandum of understanding (MoU) with Lyra Network of France for acceptance of UPI and RuPay Cards in the country. “Considering India doing 5.5 billion UPI transactions per month, this strategic partnership will definitely prove to be a game-changer in the digital payments ecosystem,” Union Communication Minister Ashwini Vaishnaw was quoted saying.
The UPI payment system is currently available in countries including Bhutan, Singapore, Nepal, and the UAE. The NPCI International is also in talks to extend UPI services in the United States, West Asia and other European countries.
In May 2022, UPI recorded about 6 billion transactions worth $134.3 billion (Rs 10.4 lakh crores). The payments platform also saw a 6.6% month-on-month rise in transaction volume from April 2022
With the new UPI payment mechanism in place now Indian tourists in France can make seamless payments during travels. In the past NPCI has also inked a similar deal with Singapore-based PayNow. Nepal also adopted the payment mechanism for digital transactions in March this year.
The MoU signed between NPCI International and Lyra Network of France will not only provide a boost to UPI but also to RuPay Cards. NPCI manages retail payments and settlement systems in India. Some of the well known payment products managed by NPCI include RuPay Cards, UPI and BHIM.
According to the recent data, in May 2022, UPI recorded about 6 billion transactions worth $134.3 billion (Rs 10.4 lakh crores). The payments platform also saw a 6.6% month-on-month rise in transaction volume from April 2022.
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