PhonePe users traveling to the United Arab Emirates (UAE) can now leverage the convenience of making payments through the PhonePe app at Mashreq’s Neopay terminals, spanning various retail stores, dining outlets, and tourist attractions. This recent development marks a significant expansion of India’s flagship payment mode, UPI, beyond national borders, offering seamless transaction experiences for travelers.
Transactions made through the PhonePe app at Mashreq’s Neopay terminals will be debited in Indian rupees, with the currency rate prominently displayed to users. This enables not only Indian travelers but also non-resident Indians residing in the UAE to utilize their designated non-resident accounts with Indian banks for payments.
Ritesh Pai, CEO of International Payments at PhonePe, emphasized the significance of this collaboration, particularly considering the substantial influx of Indian visitors to the UAE annually. The partnership aims to enhance the overall travel experience for visitors by facilitating hassle-free transactions during their stay.
The collaboration between PhonePe, Mashreq, and NPCI International Payments Limited (NIPL) underscores the government’s initiative to promote UPI usage beyond Indian borders. Mashreq’s Neopay terminals now accept UPI as a payment method, reflecting a concerted effort to streamline cross-border payment options for customers.
Anubhav Sharma, Deputy Head of Partnership Business Development and Marketing at NIPL, highlighted the initiative as part of ongoing efforts to provide customers with convenient cross-border payment solutions. This partnership aims to unify the payment ecosystem, simplifying payment processes for Indian travelers to the UAE.
Looking ahead, PhonePe aims to further enhance its services by offering inward remittance services once the corridor for inbound remittances is established. Leveraging the UPI infrastructure, PhonePe seeks to streamline money transfer processes, eliminating the need for specific details such as bank account numbers and IFSC codes, thus ensuring a more efficient and user-friendly experience for customers.
