Financial firm PhonePe announced on Tuesday that its users across five countries will now be able to make payments via Unified Payments Interface (UPI) system. These countries include UAE, Singapore, Mauritius, Nepal and Bhutan.
Phonepe Users will be able to make payments in foreign currency directly from their Indian bank - just like they do with international debit cards, the company said in a statement.
"The current launch supports all international merchant outlets in the UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR code," the statement said, adding that PhonePe is the first fintech app to launch this feature in India. The company has over 43.5 crore registered users.
Indian customers need to use a foreign currency, or their credit or forex cards to pay at international merchant outlets but with 'UPI international' payments feature, PhonePe can now use their Indian Bank accounts to pay using UPI.
“UPI international is the first major step in letting the rest of the world experience UPI too. I am sure this launch will prove to be a gamechanger and will completely transform the way Indians traveling overseas pay at merchant outlets abroad," PhonePe CTO and Co-Founder, Rahul Chari said.
Over the course of this year, NPCI in collaboration with NIPL (NPCI International Payments Limited) plans to roll out UPI International to more countries, while also enabling greater merchant acceptance in the regions where this feature is currently live.
ALSO READ | Paytm, PhonePe to introduce UPI Lite soon for smaller e-payments
ALSO READ | PhonePe first player to enable UPI activation with Aadhaar
Latest Business News
