New Delhi:Fintech firm PhonePe has announced to expand its service cross the borders to allow its users to be able to use Unified Payments Interface (UPI) in five selected countries. It will help users to pay to the international merchants using UPI, which is similar to international card payments. The selected five countries are: the UAE, Nepal, Singapore, Mauritius, and Bhutan.
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"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.
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 game-changer and will completely transform the way Indians traveling overseas pay at merchant outlets abroad," PhonePe CTO and Co-Founder, Rahul Chari said.
How to use PhonePe for International Payment
The PhonePe user needs to activate the bank account for UPI International on the app. Users can enable the facility before his/her trip or at the location. It will allow users to make payments to international merchants in selected five countries, relaxing travellers to the need of forex card or international credit cards. PhonePe was created in 2015 as a payment app. A year later, it was acquired by Flipkart as its financial arm. Since then, it has emereged as India’s largest payments app.
Earlier, The NPCI had permitted non-residents from 10 countries, including the US, Canada and UAE, to digitally transfer funds using the UPI platform from NRE/NRO accounts. The National Payments Corporation of India (NPCI) in a circular said it has been receiving requests for allowing non-residents to use international mobile numbers for transacting in Unified Payments Interface (UPI).
(With PTI Inputs)
