Indian digital payment giant, PhonePe, has made a significant stride by launching its Unified Payment Interface (UPI) services in the United Arab Emirates (UAE) on March 28.
This move aims to cater to Indian travelers and non-resident Indians (NRIs) residing in the UAE, enabling faster and more convenient digital transactions.
Enhanced Convenience:
The new service empowers PhonePe users to conduct seamless digital transactions at retail stores, restaurants, and various tourist spots in the UAE by simply scanning QR codes.
Facilitated through UAE’s prominent bank, Mashreq, using its Neopay terminals, this initiative promises enhanced convenience and efficiency in financial transactions for Indians abroad.
Collaborative Efforts:
Mashreq’s partnership with the National Payments Corporation of India (NPCI) International Payments Limited (NIPL) in 2021 paved the way for PhonePe to leverage Mashreq’s terminals for its platform.
This collaborative effort demonstrates a commitment to providing secure cross-border payment solutions and expanding the reach of digital payment services globally.
User-Friendly Interface:
The process of making UPI payments in the UAE is straightforward, with users scanning QR codes at outlets to initiate transactions.
Payments will be processed in Indian currency, with transparent currency exchange rates displayed to users, ensuring clarity and convenience.
NRIs can also avail of the service by linking their existing Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts using UAE mobile numbers.
Partnership Acknowledgment:
Anubhav Sharma, Deputy Chief of Partnership Business Development & Marketing at NIPL, expressed enthusiasm about collaborating with financial institutions worldwide to offer secure cross-border payment solutions.
Ritesh Pai, CEO of International Payments at PhonePe, highlighted the significance of the partnership with Mashreq, emphasizing the familiarity and ease of UPI payments for Indian travelers in the UAE.
