New Delhi, June 16: Union Commerce and Industry Minister Piyush Goyal launched the Unified Payments Interface (UPI) at the renowned Galeries Lafayette in Nice, France, on Tuesday. This initiative allows Indian travelers to make payments easily using a familiar platform while visiting France.
In a post on the social media platform ‘X’, Goyal stated, “Bringing India’s world-class digital payment platform to one of France’s leading retail destinations marks another significant step in the global expansion of UPI. With the collaboration of Lyra Collect and NIPL, this initiative showcases India’s capability to deliver reliable, easy, and interoperable digital solutions on a large scale.”
He added, “This launch strengthens the economic and technological ties between India and France, reflecting the growing depth and ambition of our strategic partnership.”
The digital payment corridor represents a major shift in how business is conducted between the two nations. It provides travelers with immediate convenience, eliminating the need for physical currency exchange, carrying large amounts of cash, or dealing with unfamiliar foreign exchange fees.
French businesses will also benefit economically, gaining immediate access to a large number of tech-savvy Indian tourists, which will increase transaction volumes.
A senior official noted that local merchants will enjoy better cash management, reduced costs associated with handling physical cash, and secure, real-time transaction settlements.
France becomes the second country to launch UPI after Cambodia on June 3. This important collaboration began following a formal ceremony in Phnom Penh, attended by the Governor of the National Bank of Cambodia, Chia Sere, and high-level representatives from the Reserve Bank of India (RBI).
The statement indicated that this event marked the completion of the first phase of establishing a cross-border QR payment link between the two countries through Cambodia’s national QR code, known as KHR.
The first phase allows millions of Indian travelers to easily make QR payments at over 4.5 million Cambodian merchants, with plans for a two-way corridor to follow.
While the initial phase prioritizes Indian travelers visiting France, the partnership is designed for extensive scaling. In the next phase, the corridor will operate fully in both directions.
Cambodian citizens visiting India will soon be able to use their domestic banking and digital payment apps to scan millions of UPI QR codes across India, creating a highly advanced, two-way interoperable financial network.
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