edited by: Mohammad Haris
Last Update: February 07, 2023, 13:05 IST
PhonePe says that all international merchant outlets in the UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR code are supported.
Under this facility, foreign exchange will be deducted from the user’s bank account, which is similar to international debit card transactions
PhonePe, which has the largest share of UPI transactions, has now enabled overseas payments, making it the first fintech platform in the country. India Have such a facility. Indians traveling abroad can now make payments to foreign merchants using UPI.
Under this facility, foreign exchange will be deducted from the user’s bank account, which is similar to international debit card transactions. PhonePe said all international merchant outlets in the UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR code are supported. This feature is expected to be rolled out in more countries.
Rahul Chari, Co-Founder and CTO, PhonePe, said, “UPI International is the first big step towards taking the UPI experience to the rest of the world. I am sure this launch will prove to be a gamechanger and make payments at merchant outlets overseas Will completely change the way Indians do business.
Bank account can be activated for UPI International on the app. This can be done either at the point where the user wants to make the payment or before the journey. With this facility the customer will not require a credit card or forex card for making payments outside India.
In July last year, NPCI’s International Payments CEO Ritesh Shukla said it plans to take the Unified Payments Interface (UPI) to overseas markets. It could be a domestic alternative to SWIFT, the Belgium-based cross-border payment system operator.
In the domestic UPI market, four apps – PhonePe, Google Pay, Paytm and CRED Pay – account for 96.4 per cent of the total UPI market. According to data from the National Payments Corporation of India (UPI), PhonePe has the largest share of total UPI transactions in India with around 49 per cent pie. PhonePe was followed by Google Pay with 34 per cent share, Paytm (11 per cent) with 3.5 per cent share, CRED Pay (1.8 per cent) and others (WhatsApp, Amazon Pay and banking apps).
According to NPCI data, payments through UPI in January 2023 to grow to Rs 12.98 lakh crore in December 2022 equivalent value.
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