PhonePe has launched Unified Payments Interface (UPI) on the United Arab Emirates (UAE’s) App Neopay terminals. Users can scan the QR code for seamless and rapid payments. The account debit will occur in INR, showing the currency exchange rate, a statement from PhonePe notified.
It said that NRIs with the UAE mobile numbers can also download the PhonePe app and link their existing NRE and NRO accounts to facilitate payments.
This collaboration is facilitated through Mashreq’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Mashreq has enabled Neopay terminals to accept UPI apps as a payment instrument, allowing Indian travellers to conveniently use UPI for transactions.
Speaking on the partnership, Ritesh Pai, CEO, International Payments, PhonePe, said in the statement, “We are thrilled to announce our partnership with Mashreq. UAE is a popular destination, with millions of Indian visitors every year. With this partnership, customers can now conveniently transact through UPI, a payment method they are familiar with. Enabling digital payments not only reflects PhonePe’s commitment to convenience, but also embraces the evolving needs of today’s travellers. This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors.”
In addition to facilitating travel and local transactions, PhonePe will also introduce inward remittance services once the corridor for inward remittances is enabled. This will simplify the process of transferring money by leveraging the UPI infrastructure, thereby eliminating the need for details such as bank account numbers and IFSC codes.
The alliance combines PhonePe’s cutting-edge technology with Mashreq’s commitment to incorporate the best-in-class tech and innovation in their operations, the statement added.
Vibhor Mundhada, CEO, Neopay, Mashreq also added in the statement, “We are delighted to collaborate with PhonePe to offer yet another new payment solution for Indian tourists and visitors in the UAE, helping further cement the already strong financial relations between the two countries. This latest launch underscores our commitment to incorporate innovation and technology into our operations, and to provide the solutions and experiences our customers want and need.”
Anubhav Sharma, Deputy Chief – Partnership Business Development and Marketing, NIPL also said in the statement, “We aim to actively collaborate with financial institutions around the world, fostering partnerships to deliver convenient and secure cross-border payment solutions for consumers. This partnership encourages fintech collaboration and unifies the ecosystem to streamline payment processes for Indian travellers to the UAE.”
