PhonePe UPI: In a move that aims to revolutionize digital payments for both Indian travelers and Non-Resident Indians (NRIs) residing in the country, PhonePe unveiled its Unified Payment Interface (UPI) services in the United Arab Emirates (UAE) on March 28th. This service will enable PhonePe users to swiftly conduct digital transactions at retail stores, restaurants, and various tourist destinations by simply scanning QR codes.
The service will be facilitated through Mashreq, one of the prominent banks in the UAE, utilizing their Neopay terminals. These terminals are widely available across a vast range of outlets, making UPI payments accessible to PhonePe users throughout the UAE. It’s worth noting that Mashreq bank had partnered with the National Payments Corporation of India (NPCI) International Payments Limited (NIPL) in 2021, paving the way for PhonePe to establish a new partnership with Mashreq for utilizing terminals on their platform.
Anubhav Sharma, Deputy Chief of Partnership Business Development and Marketing at NIPL, expressed enthusiasm about the collaboration, stating, “Our goal is to actively collaborate with financial institutions worldwide to promote partnerships that provide convenient and secure cross-border payment solutions for consumers.”
PhonePe UPI: Exchange Rates?
The service will operate seamlessly, allowing users to scan QR codes at outlets for payment. Transactions will be conducted in Indian currency, with users being shown the currency exchange rate for transparency. Additionally, Non-Resident Indians (NRIs) can also benefit from this service by downloading the app using UAE mobile numbers and linking their Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts.
Ritesh Pai, CEO of PhonePe International Payments, expressed excitement about the partnership, stating, “We are thrilled to announce our partnership with Mashreq. UAE is a very popular destination where millions of Indian tourists visit every year. With this partnership, customers can now easily transact via UPI, a payment method they are familiar with.”
The introduction of PhonePe’s UPI services in the UAE marks a significant milestone in the digital payment landscape, offering convenience and familiarity to Indian travelers and NRIs. As the world becomes increasingly interconnected, such collaborations pave the way for seamless financial transactions across borders.