UPI at Eiffel Tower! India, France agree for new payment system, PM Modi announces in Paris – details here

Rise and rise of UPI

UPI, which was launched in by then RBI Governor Raghuram Rajan in 2016 as a pilot project, has witnessed a meteoric rise in terms of usage. After the pilot project, more and mor banks started launching UPI-enabled apps and now it has become a go-to way for making cashless transactions.

Experts say that the success of UPI can be attributed to its open protocol. This means it can interact with other technologies seamlessly and can build much larger network in comparison with its competition in financial payment sector.

All eyes on Bastille Day celebrations

PM Modi, who made the UPI announcement in Paris on Thursday, will take part in the Bastille Day celebrations later in the day. He is the second Indian Prime Minister after Dr Manmohan Singh, who will take part in the iconic parade in Paris. The celebrations will also see India’s tri-service contingent of 269 personnel marching down the Parisian streets today. In air, three Rafale combat jets of the Indian Air Force will join their French counterpart.

Macron’s Hindi tweet

Ahead of the Bastille Day parade, French President Emmanuel Macron took to Twitter to post a message in Hindi. Lauding the Indo-French bilateral ties, Macron tagged PM Modi and said “Dear Modi, welcome to Paris.” Along with the tweet, the French President also posted a photo the showed the two leaders in a warm embrace. The visit will comes a at crucial juncture for both India and France. Key defence deals are set to be announced in Paris. On Thursday, India’s defence ministry had approved the purchase of additional Rafale fighter planes.