The National Payments Corporation of India International on Thursday signed a memorandum of understanding (MoU) with Lycra Network of France. According to this MoU, Indians can soon be able to pay with their UPI or RuPay card in France. This will be beneficial for Indian students or travelers.
The Union Minister of Electronics and Information Technology, Ashwini Vaishnaw announced this MoU between France and India. He said during the announcement that in France where there is a terminal or machine of Lyrca Network, Indians can pay with UPI and RuPay card.
The Union Minister said that due to this facility, travelers and Indian students studying in France will get a lot of help. It will be easy for them to make payments from place to place. He also informed that India does 5.5 billion UPI transactions every month.
The Minister of Electronics and Information Technology informed that UPI is already an internationally accepted mode of payment. Indian UPI is used in UAE, Singapore and Bhutan. He also said, after France, the next focus of NPCI International is Nepal.
According to the recent data, in May 2022, UPI recorded about 6 billion transactions worth $134.3 billion (Rs 10.4 lakh cr). The payments platform also saw a 6.6% month-on-month rise in transaction volume from April 2022.Within the first five months of 2022, the platform has crossed almost 80% of the transaction volume of 2021. Earlier in April, NPCI International entered the
UAE following partnering with Mashreq Bank’s payment subsidiary – NeoPay.
The Reserve Bank of India has recently given its nod to also link credit cards with the UPI. The apex bank, however, said that the facility, at present, will only be available on RuPay cards.So far only debit cards were linked with the payment mechanism.