Indian travelers and expatriates in the United Arab Emirates (UAE) can now experience the ease of creating bills the use of India’s Unified Payments Interface (UPI) thru the PhonePe app. This milestone is done via a collaboration between PhonePe, a leading Indian fintech platform, and Mashreq Bank, facilitated through NPCI International Payments Limited (NIPL).
Under this partnership, Mashreq Bank has enabled its NEOPAY terminals, broadly available throughout stores, restaurants, traveler spots, and enjoyment sights within the UAE, to accept UPI apps as a price device. Indian travelers can clearly scan the supplied QR code on these terminals to finish transactions seamlessly the usage of PhonePe.
The transactions might be processed through UPI, with the account debit taking place in Indian rupees even as showing the contemporary foreign exchange fee. This initiative aims to streamline price procedures and foster more potent monetary connectivity among India and the UAE.
Ritesh Pai, CEO of International Payments at PhonePe, expressed enthusiasm for the partnership, stating, “With this collaboration, clients can now effectively transact thru UPI, a charge approach they’re acquainted with. Enabling virtual payments not only reflects PhonePe’s dedication to convenience but additionally embraces the evolving wishes of state-of-the-art guests.”
Moreover, Indian expatriates dwelling in the UAE can also leverage the PhonePe app to make bills the usage of their UAE cellular numbers and Non-Residential External (NRE) or Non-Resident Ordinary (NRO) bills.
Vibhor Mundhada, CEO of NEOPAY at Mashreq, highlighted the importance of collaboration in enhancing monetary ties between India and the UAE, demonstrating a sturdy commitment to innovation.
In addition to facilitating seamless payments, PhonePe plans to introduce inward remittance offerings the use of the UPI infrastructure, simplifying cash transfers for customers by way of removing the need for financial institution account numbers and IFSC codes.
This circulate by using PhonePe and Mashreq Bank exemplifies the ongoing efforts to enhance pass-border economic connectivity and cater to the evolving needs of travelers and expatriates inside the digital age.
