UPI Launched in Paris

UPI Goes Global from Eiffel Tower

• Recently, Unified Payments Interface (UPI) was formally launched at India’s Republic Day celebration in Paris, France, at the iconic Eiffel Tower.

• This event marks a significant step towards globalizing UPI and promoting digital payments,
• Developed by the National Payments Corporation of India (NPCI) in 2016, UPI is an instant payment system that integrates multiple bank accounts into a single mobile application, simplifying various banking functions, fund transfers, and merchant payments.
• The partnership between NPCI’s subsidiary, NPCI International Payments (NIPL), and France’s Lyra Collect has led to an agreement to introduce UPI in France and Europe.

• The National Payments Corporation of India (NPCI) is an organization that operates India’s retail payments and settlement systems. NPCI was founded in 2008 by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the Payment and Settlement Systems Act, 2007. 
• NPCI’s products include RuPay, BHIM, UPI, IMPS, BBPS, AePS, NACH, CTS, and NFS. NPCI helps India transition to secure digital payments.

Read more about Payment Aggregators and NPCI, Click here.

Practice Questions for Prelims

Choose the correct statement(s):
a) The Unified Payments Interface is an instant payment system that integrates multiple bank accounts into a single mobile application.
b) NPCI was founded in 2008 by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA).

A) Only a
B) Only b
C) Both a and b
D) Neither A nor B

Ans. C

Mains Practice Question

Assess the challenges and opportunities associated with the widespread adoption of UPI, particularly in terms of security, interoperability, and regulatory framework.

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