UPI Concept
UPI (Unified Payments Interface). The posts read with discussion on how traditionally people always take two things when leaving home: their phone and wallet.
In India, even forgetting the wallet is not a problem because the phone is equipped with UPI, India’s digital payment system used by nearly every Indian.
With UPI, users simply scan a QR code and transfer money right away
UPI in France
India logs about 440 million UPI transactions daily
France has become the first European country to adopt UPI, making it possible for users to pay via UPI in several places in Paris, including the Eiffel Tower.
The host demonstrates buying a ticket for the Eiffel Tower using UPI—opening the ticket portal, scanning the QR code with a banking app, and instantly purchasing the ticket
The India-France UPI Deal
The adoption was made possible through a deal signed in 2022 between the National Payments Corporation of India (NPCI) and Lyra, a French fast and secure online payment system.
Indian Prime Minister Narendra Modi highlighted this development during his 2023 visit to France.
The service officially went live at the Eiffel Tower in February 2024, making it the first merchant in France to accept UPI payments.
UPI Usage and Benefits
The Eiffel Tower, as the world’s most visited monument welcoming 6-7 million tourists yearly, is a logical first site for UPI adoption. Indians are the second-largest group of international visitors.
UPI is also accepted at Galeries Lafayette, a prominent Paris shopping destination. Shoppers can pay using UPI with a simple scan—no card or cash required.
Broader Impact and Expansion
France’s adoption of UPI is seen as a marker of confidence in India’s digital ecosystem and fintech sector.
The success of UPI in France has sparked interest in other European countries for adoption.
Several countries (seven as of the posts) have enabled UPI for Indian travelers, demonstrating its growing global reach.
UPI as a Digital Finance Template
UPI’s success is praised as a template for bridging the financial divide in the global south, replicating how it transformed digital payments in India.
The posts contract the old idea that Western tech was the gold standard with India’s rapid advancement in digital finance, suggesting India can now rival and perhaps outperform Western technology in this area.
Conclusions
Themicroskills is described as challenging conventional wisdom and providing a new Indian perspective on global affairs.
There is a correction mentioned: while UPI is convenient, transactions abroad do attract forex markup charges, correcting previous claims that they do not.
Numbers discussed include a projected need for $4.3 trillion by 2030 to tackle climate change (from wider context in the show, not strictly about UPI).
Closing
The segment closes by highlighting the growing use and benefits of UPI, and its potential as a financial model that could be adopted worldwide
thank you so much lady and gentlemen