This groundbreaking initiative, unveiled on Thursday, March 28, allows PhonePe users to seamlessly conduct transactions through Mashreq Bank’s NEOPAY terminals
In a significant move aimed at enhancing convenience and accessibility for Indian travelers, PhonePe, a leading fintech player, has announced the integration of UPI (Unified Payments Interface) for digital payments in the United Arab Emirates (UAE). This groundbreaking initiative, unveiled on Thursday, March 28, allows PhonePe users to seamlessly conduct transactions through Mashreq Bank’s NEOPAY terminals.
This collaboration marks a pivotal moment in cross-border digital payments, as it leverages the robust infrastructure of UPI to offer a familiar and hassle-free payment experience for Indian visitors to the UAE. With the simple scan of a QR code, users can initiate transactions, with the amount debited in INR at prevailing currency exchange rates.
The partnership between PhonePe and Mashreq Bank has been made possible through Mashreq’s alliance with NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI). This strategic synergy underscores the growing prominence of digital payment solutions in facilitating global transactions.
Notably, Indian expatriates in the UAE can also benefit from this collaboration by linking their NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts to their PhonePe app, enabling them to make payments seamlessly. This integration reflects PhonePe’s commitment to catering to the diverse needs of its user base, including the expatriate community.
As digital payment ecosystems continue to evolve, such initiatives are poised to redefine the way individuals transact globally, ushering in a new era of convenience and connectivity
Looking ahead, PhonePe has expressed its intention to introduce inward remittance services once regulatory approvals are in place. This move is poised to further streamline financial transactions for Indian expatriates, offering them greater flexibility and efficiency in managing their finances across borders.
Ritesh Pai, CEO of PhonePe’s International Payments, expressed enthusiasm about the partnership, highlighting its potential to enhance the overall experience for Indian travelers in the UAE. He emphasized that the collaboration not only simplifies transactions but also underscores PhonePe’s dedication to delivering innovative solutions that meet the evolving needs of its users.
The UAE remains a popular destination for millions of Indian visitors annually, and initiatives like this partnership between PhonePe and Mashreq Bank are instrumental in fostering seamless financial interactions between the two nations. As digital payment ecosystems continue to evolve, such initiatives are poised to redefine the way individuals transact globally, ushering in a new era of convenience and connectivity.
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