What is
UPI and benefits
UPI has also started in France along with many neighboring countries
of India. India's Prime Minister Mr. Modi went to France a few days ago for Bastille
Day celebrations. Then we got to hear very important news. India and France
have started an import partnership. Now
UPI will also run in France.
1 1. How did
UPI become international?
Seeing the benefits of UPI, ☺ France has also started using UPI along
with many neighboring countries of India. UPI has now become international. UPI
is going to be enabled in France. This announcement was made just now, but NPCI
(National Payments Corporation of India) started working for many years. In June 2022, NPCI signed an MoU with Lyra
Network of France. When an Indian tourist goes to France, he can make his payment
with the help of UPI.
2. What will be the benefit of having UPI International?
Whenever an Indian tourist goes to another country, he makes his
payment in 3 ways.
# First way
first way carries foreign currency. That is, while traveling in other countries, you will have to carry the currency of the same country. You have to change your Indian rupee to the currency of another country. Banks charge an exchange charge on currency exchange.#Second way
Second way is to buy a forex card. It's like buying another country's currency. But in this, you are given a card which is called forex card. By using it, you can pay in another country. The conversion rate in both these methods is in the favor of the bank. That is, while buying currency from another country, we buy at a higher price than the exchange rate and while selling, we sell at a lower rate than the exchange rate.
# Third way
The third way is to use an international debit or credit card. If international payment is enabled on your card, then you can also pay in other countries with your Indian card. But in this process, the conversion rate is very high.3. UPI International Demand.
There is no exchange charge for payment through UPI method. This is the
biggest feature of UPI. Payment is easily done with this method. Seeing this
benefit, UPI has now been implemented in 13 countries as well. Companies like
Mastercard and Visa rule international payments. And it imposes arbitrary
charges. When you pay with Mastercard or Visa card, not all money is
transferred but some money is taken by companies like Mastercard and Visa. But
with the advent of UPI, the payment charge will not be deducted now. UPI is
absolutely free.
4.How many countries use UPI?
- Russia
- Australia
- Canada
- Oman
- Nepal
- Bahrain
- Bhutan
- Singapore
- France
- England
- UAE
- Malaysia
- Indonesia
5. What are the benefits of UPI to Indians?
With UPI being implemented in
other countries, you can send money to Indian students studying in those
countries. In which no exchange money will be required. Apart from this, Indian
businessmen will also benefit.
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