Financial firm PhonePe on Tuesday announced that its users in five countries will now be able to make payments through the Unified Payments Interface (UPI) system. These countries include UAE, Singapore, Mauritius, Nepal and Bhutan.
PhonePe users will be able to pay in foreign currency directly from their Indian bank – just like they do with an international debit card, the company said in a statement.
“The current launch supports all international merchant outlets in the UAE, Singapore, Mauritius, Nepal and Bhutan that have a localized QR code,” the statement said. PhonePe is the first fintech app to launch this feature in India. The company has more than 435 million registered users.
Indian customers need to hold foreign currency, or use their credit or foreign currency cards, to make payments at international merchant outlets, but with the ‘UPI International’ payment feature, PhonePe will now be able to use UPI to make payments using UPI. Can use Indian bank accounts.
“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 completely transform the way Indians traveling abroad pay at merchant outlets abroad,” said PhonePe CTO and Co-Founder, Rahul Chari.
During this year, NPCI in collaboration with NIPL (NPCI International Payments Limited) plans to bring UPI International to more countries, as well as enable greater merchant acceptance in regions where this facility is currently available. Is going on
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