Mumbai: India’s PhonePe has launched its Unified Payments Interface (UPI) services in the United Arab Emirates (UAE). The services were launched for Indian travellers as well as NRIs residing in the UAE. UPI services by PhonePe will now allow PhonePe users to make rapid digital transactions by scanning a QR code at retail stores, dining outlets, and other tourist attractions.
PhonePe has integrated with UAE’s major bank Mashreq. The digital payment service will enabled through Mashreq via its Neopay terminals. The UAE-based bank partnered with the National Payments Corporation of India’s (NPCI) International Payments Limited (NIPL) in 2021.
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‘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 travelers to UAE,’ Anubhav Sharma, Deputy Chief – Partnership Business Development & Marketing, NIPL said.
Users can simply scan the QR code located at the outlets to make payments. The transaction will occur in Indian currency while the users will see the currency exchange rate for transparency. Non-Resident Indians (NRIs) will also be able to avail this service using UAE mobile numbers by downloading the app and linking their existing Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts.
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