Skift Take
While India has much reason to cheer over UPI transactions in Paris, it must wait and watch to get more clarity on the cost of the transfer as the adoption accelerates.
Indian tourists to France will be able to pay for tickets to the Eiffel Tower and other attractions in rupees after both the countries agreed to use the Indian government's Unified Payments Interface (UPI).
France and especially Paris is one of the most popular travel destinations for Indians. The number of Indian tourist arrivals to France in May last year stood at 423,701, according to CEIC data.
The mobile payment method will make it easier for tourists to do away with cumbersome forex cards and avoid the need to carry cash. Prime Minister Narendra Modi, who was on a two-day visit to Paris, made the announcement just months after UPI and its Singapore counterpart PayNow inked a pact to allow users in either country to make cross-border transactions. The UAE, Bhutan and Nepal have already adopted the UPI payment system.
Launched in 2016, the UPI has since become one of the most used payment methods in the country, particularly after the pandemic.
Modi also declared that Indian students pursuing a master's degree in France would now receive a five-year long-term post-study visa, as opposed to the earlier two-year work visa.
Additionally, India is set to open a consulate in Marseille, its second in France after Paris.
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