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India’s NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), has partnered with Lyra, a French online and in-store payment solution, to enable acceptance of Unified Payments Interface (UPI) at Galeries Lafayette’s flagship store in Haussmann, Paris.
Following the successful implementation of UPI for online ticket booking at the Eiffel Tower, Galeries Lafayette became the second major French merchant to enable UPI under the NIPL-Lyra partnership.
The engagement of UPI at the Galleries Lafayette is expected to pave the way for its wide acceptance in France and support its internationalization as a means of digital payments, Ambassador Jawed Ashraf said.
The partnership is significant, especially ahead of the Paris Olympics, which begins on July 26 and is expected to draw many Indian visitors. Already, there has been a staggering 60% surge in visa applications from India for France for the upcoming Summer Olympic Games in Paris.
“Our collaboration with Galeries Lafayette in Paris not only enables UPI payments at a prestigious venue but also boosts UPI adoption as a convenient and secure cross-border payment method for Indian tourists. We are confident that UPI will continue to gain traction as a reliable and efficient payment option, further strengthening its presence in international markets,” said Ritesh Shukla, chief executive of NPCI International.
Beyond the Olympic Games, the partnership will benefit Indian tourists visiting Paris every year, allowing them to use UPI at the Galeries Lafayette flagship store. The integration of UPI ensures effortless shopping and transactions through UPI-powered apps. By simply scanning the QR code at the store in Paris, Indian tourists can complete their payments with transparency in exchange rates, the statement said.
The integration of UPI at prominent French retail and tourist destinations is expected to boost its popularity among European merchants. This initiative aims to broaden UPI’s market presence in France and Europe, driving further growth and adoption as a secure payment solution.
The world’s fastest-growing major economy, expected to expand at 7% in the current fiscal, has witnessed a record surge in digital payments as it strives to become a digital powerhouse while leveraging emerging technologies as a catalyst for economic growth. According to a survey, UPI has been a key driver of digital payments growth, demonstrating a compound annual growth rate (CAGR) of 138% in its volumes from fiscal year 2018-2024.
The South Asian nation introduced the UPI in 2016, which enables instant money transfers using mobile phones and works as a single mobile application for accessing different bank accounts. It has expanded to Qatar, UAE, Peru, Mauritius, Sri Lanka, Singapore, France, Bhutan, and Nepal, processing over 13 billion monthly transactions.
The Reserve Bank of India (RBI) has been discussing further expanding the reach of UPI with major stakeholders in the ecosystem, including banks, NPCI, third-party application providers, and technology service providers.
The vast success of UPI has given tough competition to India’s central bank digital currency (CBDC), with the RBI struggling to push popularity for the e-rupee.
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