Indian Prime Minister Narendra Modi had a vision of taking UPI global. There have been cases in the past where many foreigners when they visited India felt very good about the ease of payments through API. France is now the first European country to start accepting UPI payments. For tourists visiting the Eiffel Tower in France, tickets can be booked online with the help of UPI. This announcement was made on Twitter by India Embacy France.
Looks like Indian tourists are ranked as the second-largest crowd of people visiting the Eiffel Tower. Now with the help of this people can make their payments using their UPI application by scanning their code. This payment method will make things faster and easier to use. Hassle-free for people who are already familiar with UPI payments. This is a great step towards globalizing UPI payments. Currently, it is one of the best payment methods in India and there are several stats about UPI Payments provided by the government already.
They say France is a good growth market for many things. I have heard this from elsewhere too. Many companies also start their expansion first in France if they want to enter the European market. I don't know what makes it comfortable to do things in France but in a way, it is a very good thing. My company where I work has also planned to have some launch planned in France. This is what makes me feel that France is a good growth market for many things right now.
About UPI payments
I personally like UPI payments and it is very easy to do UPI payments than using any other payment method. Today after UPI payments were introduced, many people have started using UPI for everything and other payment methods like bank transfer or even credit card or debit card usage have reduced. Even in hot places like petrol bunks and shops, people scan the QR code to make the payment and walk away.
There was a problem where people could not make payments from their credits if it had to be a UPI payment. This is because money would directly get deducted from the bank account. But now with RBI credit cards, there is a possibility to use the credit card credits to make payments as an UPI transaction. Some of the cards support this feature and this is also very handy for people who would like to use credits to make payments. By doing so they also get some additional rewards too.
I personally think that the government has done a great job in taking UPI payments to every single individual in India. It is one of the biggest networks in India and the transaction is also seamless even a small vendor in the streets can make it a seamless experience for users who prefer using UPI payments. Even for people who are not using UPI, it is still possible to do transfers to their account by others. I'm just wondering how they are managing this massive database and still giving it a seamless experience for everyone. The infrastructure should have been huge and they should have a big backup mechanism. Above all that they are managing thousands and millions of transactions happening every second across India. That needs a bigger level of load balancing and transaction management.
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