PhonePe has announced an expansion of its Unified Payments Interface (UPI) services to the United Arab Emirates (UAE). It aims to provide Indian travellers the convenience of making payments through the PhonePe app at Mashreq’s Neopay terminals, which are located in various retail stores, dining outlets, and tourist attractions across the UAE.
PhonePe’s UPI Service in UAE
This partnership is made possible by Mashreq, based in Dubai, teaming up with NPCI International Payments Limited (NIPL) and is part of the government’s plan to expand UPI beyond India. Mashreq has enabled Neopay terminals to accept UPI as a payment option.
It is expected to eliminate the need for international cards, as travellers will be able to make transactions by scanning QR codes using their PhonePe app at Mashreq’s Neopay terminals. Interestingly, it will also show the exchange rate and the account debit in Indian Rupees.
“UAE is one of the most popular destinations, with millions of Indian visitors every year. This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors,”—Ritesh Pai, CEO of International Payments, PhonePe.
PhonePe’s Future Plans for UAE
The company has also stated that while helping travellers and everyday purchases, PhonePe will also introduce inward remittance services once the corridor for such transactions is activated. This move aims to streamline money transfers by utilising the UPI infrastructure, eliminating the necessity for bank account numbers and IFSC codes.
UPI in Other Countries
It’s important to keep in mind that this is not UPI’s first foray into the international market. The UPI is already available in countries like Singapore, Canada, Oman, Saudi Arabia, France, Sri Lanka and Nepal.
