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Indian users can now make UPI payments using PhonePe in UAE — How it works
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
This collaboration is facilitated through Mashreq Bank’s partnership with the NPCI International Payments Limited (NIPL), PhonePe said in a statement on Thursday, March 28.
PhonePe has announced that people travelling to the United Arab Emirates (UAE) will now be able to make payments using the digital payment service. India’s PhonePe has integrated with the Mashreq Bank to allow people visiting the Middle Eastern nation to make UPI payments through its Neopay terminals located at several locations.
This collaboration is facilitated through Mashreq Bank’s partnership with the NPCI International Payments Limited (NIPL), PhonePe said in a statement on Thursday, March 28.
How it works?
Those using the PhonePe app will have the option of making payments via UPI at the Neopay terminals, available across several retail stores, dining outlets, as well as tourist and leisure attractions.
To make the payment, a person will simply have to scan the QR code and enter the amount. The account debit will occur in Indian rupees, showing the currency exchange rate, the statement said.
Moreover, this facility can be availed by NRIs having UAE mobile numbers. For making payments, they will have to download the PhonePe app and link their existing NRE and NRO accounts to facilitate payments.
According to the company, this move is aimed at enhancing the ease and convenience of transactions for the Indian diaspora there.
Through this partnership, Mashreq Bank has enabled its Neopay terminals to accept UPI apps as a payment instrument, thereby allowing Indian travellers to use it for making online transactions.
“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,” Ritesh Pai, CEO of International Payments, PhonePe, said.
Pai noted that enabling digital payments not only reflects the company’s commitment to convenience but also embraces the evolving needs of today’s travellers. The collaboration has opened doors to seamless transactions, ensuring enjoyable and smoother journeys for visitors, he added.
Vibhor Mundhada, CEO of NEOPAY noted that this collaboration will further “cement the already strong financial relations between the two countries.”
“This latest launch underscores our commitment to incorporating innovation and technology into our operations, and to providing the solutions and experiences our customers want and need,” Mundhada added.
PhonePe further informed that besides facilitating travel and local transactions, the company is looking forward to introducing inward remittance services once the corridor for inward remittances is enabled.
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