- NPCI International Payments Limited (NIPL) in partnership with Lyra, a French leader in securing e-commerce and proximity payments, announced acceptance of UPI payment mechanism in France.
- France became the first European country to accept UPI.
- UPI, launched by NPCI in 2016, is an instant payment system which acts as interface to facilitate inter-bank transfers.
- UPI is an integral part of Payments layer of India Stack.
- India Stack is a set of open APIs (Application Program Interface) and digital public goods that aim to unlock economic primitives of identity, data, and payments at population scale.
- India Stack consists of 3 layers – Identity, Payments, and Data.
- APIs are set of defined rules that enable different applications to communicate with each other.
- India has been making efforts at internationalization of India Stack to foster collaboration in Digital Public Infrastructure (DPI).
- Significance of internationalization of India Stack
- Global market expansion for Indian startups and tech firms.
- Interoperability and standardization at global scale.
- Innovation and collaboration leading to creation of new solutions and services.
- Soft power and digital diplomacy, particularly in global south.
Efforts at Internationalization of India Stack
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