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?

  1.  Russia 
  2. Australia 
  3. Canada
  4. Oman
  5. Nepal
  6. Bahrain
  7. Bhutan
  8. Singapore
  9. France
  10. England
  11. UAE
  12. Malaysia
  13. 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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