Will more Indian traveller visit France now that UPI is accepted:
The National Payments Corporation of India (NPCI) has partnered with Lyra, a French entity in securing online transactions, to introduce the Unified Payments Interface (UPI) payment system in France. This move is expected to greatly benefit the tourism sector by providing a seamless and efficient payment option for travellers, thereby enhancing their travel experience and encouraging further exploration and spending within the tourism and retail markets in France. The collaboration between NPCI International Payments Limited and Lyra is seen as a significant stride in fostering financial transactions between the two nations, heralding a new era of business opportunities.
The UPI is an instant payment system developed by the NPCI, an RBI regulated entity. It is widely used in India, where over a billion transactions were processed through UPI in January alone, highlighting its popularity and potential for international expansion. The integration of UPI in France facilitates a smooth and effortless payment method for international tourists, particularly enhancing the experience for Indian visitors by allowing them to utilize their UPI apps for online ticket purchases. The convenience of using UPI apps to scan QR codes for payments not only speeds up the transaction process but also introduces a layer of security and ease that was previously unavailable.
This feature is expected to broaden, encompassing various sectors within the French tourism and retail industries, thereby encouraging Indian tourists to engage more freely in booking accommodations, museum visits, and other activities during their stay in France. The initiative is expected to boost the tourism industry by simplifying the payment process for foreign visitors, thus making France an even more attractive destination for the 380 million UPI app users in India.
In conclusion, the integration of UPI in France is a significant milestone that will benefit both Indian tourists and the French tourism and retail industries. It provides a seamless and efficient payment option for travellers, enhancing their travel experience and encouraging further exploration and spending within the tourism and retail markets in France. The initiative is seen as a significant stride in fostering financial transactions between the two nations, heralding a new era of business opportunities.