Why will the introduction of UPI and RuPay Card services in France be significant?

Safalta Expert Published by: Aryan Rana Updated Fri, 17 Jun 2022 11:27 PM IST

Highlights

India's National Payments Corporation of India International has signed a MoU with France's Lyra Network. Indians will soon be able to pay in France using their UPI or RuPay Cards. The MoU will be useful to Indian students and travelers, as well as the general public.

On June 16, 2022, the National Payments Corporation of India International signed a Memorandum of Understanding (MoU) with France's Lyra Network. According to the signed MoU, Indians will soon be able to pay in France using their UPI or RuPay Cards, which will be useful to Indian students and travellers. The Union Minister of Electronics and Information Technology, Ashwini Vaishnaw, announced the news of the MoU signed for the UPI, RuPay launch in France. He also stated that India will be able to pay using the UPI and RuPay Card in France where there is a Lyrca Network terminal or machine. If you are preparing for competitive exams and looking for expert guidance, you can download our General Knowledge Free Ebook Download Now.

Source: Safalta.com

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India and France have signed a Memorandum of Understanding (MOU).

The International arm of the National Payments Corporation of India (NPCI), NPCI International, has signed a Memorandum of Understanding (MoU) with Lyra Network, a French Payment Solutions Company.

UPI is now a globally recognised way of payment, since it is used in the UAE, Singapore, and Bhutan, according to Union Minister Ashwini Vaishnaw, and following France, the next priority of NPCI International will be Nepal.

UPI RuPay France: What is the significance of the debut of the UPI RuPay card in France?

With the launch of UPI and RuPay in France, Indians will be able to pay using their UPI and RuPay cards at Lyra Networks' terminals and machines. It will make it even easier to make payments, especially for Indian students and tourists.

The move would also help RuPay, which recently received a boost as the country's central bank announced that RuPay credit cards will soon be linked to the UPI network, allowing customers to use UPI apps to make payments with their credit cards.

In France, UPI and RuPay are available; are these services available in other countries?

Indians are qualified to utilize UPI in nations such as Bhutan and Singapore, in addition to France. NCPI (National Payments Corporation of India International) is also in talks with Nepal to enable UPI payments.

The debut of UPI RuPay in France comes just two months after NPCI International announced cooperation with NeoPay, a payments subsidiary of Mashreq Bank in the UAE, allowing Indians in the UAE to use UPI on the company's terminals throughout the country.

Facts to remember

On June 16, 2022, the National Payments Corporation of India International signed a Memorandum of Understanding (MoU) with France's Lyra Network.

Indians will soon be able to pay in France using their UPI or RuPay Cards, which will be useful to Indian students and travellers.

UPI is now a globally recognised way of payment, since it is used in the UAE, Singapore, and Bhutan, according to Union Minister Ashwini Vaishnaw, and following France, the next priority of NPCI International will be Nepal.

Indians are qualified to utilize UPI in nations such as Bhutan and Singapore, in addition to France. NCPI (National Payments Corporation of India International) is also in talks with Nepal to enable UPI payments.

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