PhonePe, a well-known digital payment platform, has recently extended its services to the United Arab Emirates (UAE). This expansion allows Indian travelers and Non-Resident Indians (NRIs) residing in the UAE to access the company’s Unified Payments Interface (UPI) services. With the ability to perform quick digital transactions by scanning a QR code at various locations such as retail stores, restaurants, and tourist spots, PhonePe users now have a convenient way to make payments in the UAE. This move also aims to strengthen financial relations between India and the UAE.
Collaboration with Mashreq Bank
To facilitate its expansion into the UAE, PhonePe has partnered with Mashreq Bank, a leading bank in the UAE. This collaboration is a result of Mashreq’s alliance with NPCI International Payments Limited (NIPL) in 2021. NIPL is a subsidiary of the National Payments Corporation of India (NPCI). Anubhav Sharma, Deputy Chief of Partnership Business Development & Marketing at NIPL, expressed their goal of actively collaborating with financial institutions worldwide to provide convenient and secure cross-border payment solutions for consumers.
Speaking on the partnership Ritesh Pai, CEO International Payments, PhonePe said, “We are thrilled to announce our partnership with Mashreq. UAE is a very popular destination, with millions of Indian visitors every year. With this partnership, customers can now conveniently transact through UPI, a payment method they are familiar with. Enabling digital payments not only reflects PhonePe’s commitment to convenience but also embraces the evolving needs of today’s travelers. This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors.”
How PhonePe’s UPI Service Works
PhonePe’s UPI service operates by allowing users to scan a QR code at outlets to make payments. All transactions are conducted in Indian currency, and users are provided with the currency exchange rate for transparency. NRIs can easily avail this service by downloading the PhonePe app and linking their existing Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts using their UAE mobile numbers. By offering this service, PhonePe aims to enhance transaction convenience for the Indian community in the UAE.
As per the official website of PhonePe, PhonePe app has 520+ million registered users and a digital payments acceptance network of 38 million merchants. PhonePe also processes 230+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.5+ Trillion.
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