France will soon accept India's Unified Payments Interface (UPI) and Rupay cards.
An Indian diplomat in France expressed optimism after India was named "nation of the year" at Europe's largest start-up conference, Vivatech 2020, and stated that India's Unified Payments Interface (UPI) and Rupay cards will soon be accepted in France. "India has started the process in France by signing Memorandum of Understanding (MoU) between National Payments Corporation of India (NPCI), International, and Lyra Network of France," said Jawed Ashraf, Indian Ambassador in France, in an exclusive interview with ANI.
When Ashraf was the Ambassador of Singapore, he attempted to introduce the Bhim QR and Rupay cards to the city-state. "We gave it a shot and were successful. The majority of the items accepts UPI and Rupay cards. I am convinced that we can accomplish the same in Europe. In France, we are attempting to implement UPI and Rupay cards as quickly as possible. We'll have to talk to the central bank, the regulator, and businesses in France about this. Digital payments are not widely used in France. However, it must be integrated and smooth. It is inefficient, as it is in India "Ashraf stated.
He also discussed his experience with digital payment that is both frictionless and transparent, as well as how beneficial it may be in France. The Ambassador claimed that he once went to the doctor but was unable to pay since he lacked the necessary cash or check.
"He could pay in cash or by check, according to the doctor. He'll have to go to an ATM to get the money and pay the doctor. If UPI comes to France, it will be beneficial to the French people. If we explain the advantages of UPI to the French people, they will accept it. It will be accepted by regulators, banks, and businesses. If we implement it in the Bank of France, I believe we will be able to push it through the European Union as well "Ashraf elaborated.
"We'll have to start with France first," the Ambassador remarked. Some banks, such as BNP Paribas and Societe Generale, have a presence in India and are aware of UPI's success." As the world's leader in digital technology, Ashraf claims that India has "seized the issue of global semiconductor shortage."
India arrived not only with the solution, but also with the products. "If we talk about the Vande Bharat train, which is an Indian product, I am confident that we will see it in Europe within 5-6 years," the Indian Ambassador to France remarked.
Meanwhile, India has been named "nation of the year" at Europe's largest start-up conference, Viva Technology 2022.
Both President Emmanuel Macron and Prime Minister Narendra Modi, according to the Ambassador, have made digital technology a core pillar of strategic engagement in the twenty-first century.
"India might be better positioned in France," remarked Paul Hermelin, Chairman of Capgemini, "because Indian economics, Indian education, and young population keep playing a race with new technologies."
Switzerland's Ambassador to France, Roberto Balzaretti, who visited the India Pavilion at Vivatech 2020, told ANI that India and Switzerland will pool their information.
"We have to work together to achieve something that makes sense. What I'm seeing at the India Pavillion is incredible. I'm seeing little drones at the India Pavillion that can transport immunizations around the country. Indian companies are developing new technology to improve people's lives. This is the only way we can progress and collaborate in a collaborative manner "Balzaretti stated.
According to the Swiss Ambassador, India is a vast country twice the size of Europe, therefore it's understandable that there are more unicorns there. "That is one point that is extremely valuable. The second point is undoubtedly that having highly fast-growing companies is excellent, but it must be for everyone's benefit. We're seeking for a partnership between unicorns and an environment that encourages the development of breakthrough technologies for the benefit of all. India is a beautiful country with a fantastic population, a fantastic young population, and a fantastic vision for the future. However, you must bring everything together. Competition is beneficial, but collaboration is much better "Balzaretti stated.