After Singapore, France To Have UPI System With India

International

oi-Deepika S

Prime Minister Narendra Modi’s two-day visit to Paris starting Thursday would set new benchmarks in the bilateral relationship between India and France.

While defence cooperation remains a primary focus, both countries are poised to launch the digital payment technology Unified Payments Interface or UPI in France.

Earlier this year, India’s Unified Payments Interface (UPI) and Singapore’s PayNow inked an agreement, allowing people in the two countries to undertake faster and cost-efficient digital transfers.

Singapore Prime Minister Lee and his Indian counterpart Narendra Modi witnessed the launch of the cross-border connectivity of real-time digital payment systems via video conferencing.

The PayNow-UPI linkage is the world’s first real-time payment systems linkage to use a scalable cloud-based infrastructure which can accommodate future increases in the volume of remittance traffic.

If everything goes well, France will become the first European country to have UPI. It is reported that if all agreements are closed in time, the linkage will be launched by PM Modi from an iconic location in Paris.

PM Modi Begins 2-Day France Visit; Defence, Bastille Day Celebrations In Focus

PM Modi’s visit to France was particularly special as he will join President Macron for the French National Day, or Bastille Day celebrations in Paris as the Guest of Honour.

An Indian tri-services contingent will be part of the Bastille Day Parade, while Indian Air Force aircraft will perform a fly-past on the occasion.

PM Modi and Macron will hold bilateral talks which will focus on traditional areas of cooperation, such as defence, as well as new domains like space. While the strategic partnership stands on the pillars of cooperation in defence, space, and civil nuclear, work on space is taking off.

“I look forward to meeting President Macron and holding wide-ranging discussions on taking forward this longstanding and time-tested partnership over the next 25 years. I have had the opportunity to meet President Macron several times since my last Official Visit to France in 2022, most recently in Hiroshima, Japan in May 2023 during the G-7 Summit,” PM Modi said in a statement.

“I also look forward to my interactions with the French leadership, including Elisabeth Borne, Prime Minister of France, Gerard Larcher, Presidents of the Senate, and Yael Braun-Pivet, President of the National Assembly,” the prime minister said.

“During my visit, I will have the opportunity to meet the vibrant Indian community, leading CEOs from both countries as well as prominent French personalities. I am confident that my visit will provide a new impetus to our strategic partnership,” he added.