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Unified Payments Interface (UPI) launched at the iconic Eiffel Tower in France | Current Affairs | Vision IAS
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Unified Payments Interface (UPI) launched at the iconic Eiffel Tower in France

Posted 05 Feb 2024

Updated 17 Mar 2024

2 min read

  • NPCI International Payments Limited (NIPL) in partnership with Lyra, a French leader in securing e-commerce and proximity payments, announced acceptance of UPI payment mechanism in France.
    • France became the first European country to accept UPI.
  • UPI, launched by NPCI in 2016, is an instant payment system which acts as interface to facilitate inter-bank transfers.
    • UPI is an integral part of Payments layer of India Stack.
  • India Stack is a set of open APIs (Application Program Interface) and digital public goods that aim to unlock economic primitives of identity, data, and payments at population scale.
    • India Stack consists of 3 layers – Identity, Payments, and Data.
    • APIs are set of defined rules that enable different applications to communicate with each other.
  • India has been making efforts at internationalization of India Stack to foster collaboration in Digital Public Infrastructure (DPI).

 

  • Significance of internationalization of India Stack
    • Global market expansion for Indian startups and tech firms.
    • Interoperability and standardization at global scale.
    • Innovation and collaboration leading to creation of new solutions and services.
    • Soft power and digital diplomacy, particularly in global south.

 

Efforts at Internationalization of India Stack

  • NIPL: Wholly owned subsidiary of NPCI, incorporated in 2020, for deployment of RuPay and UPI outside of India.
  • Acceptance of UPI payments in Overseas markets such as Singapore, UAE, etc.
  • MoU on sharing of India Stack with Armenia, Sierra Leone, Suriname, and Antigua and Barbuda.
  • India’s Initiatives under G20:
  • Global Digital Public Infrastructure Repository.
  • Social Impact Fund to advance DPI in the Global South.
  • Tags :
  • Unified Payments Interface
  • India Stack
  • Lyra
  • NPCI International Payments Limited (NIPL)
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