In a groundbreaking move set to redefine the landscape of cross-border transactions, PhonePe, one of India’s leading digital payment platforms, has extended its services beyond the borders of India. Partnering with the Singapore Tourism Board (STB), PhonePe has entered into a two-year Memorandum of Understanding (MoU), marking a significant milestone in the realm of international payments.
The signing ceremony, held on Wednesday, April 3rd, saw Melissa Ow, Chief Executive of STB, and Ritesh Pai, Chief Executive Officer of PhonePe‘s International Payments Business, formalizing the agreement.
This collaboration builds upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, enabling customers to make seamless cross-border transactions directly from their Indian bank accounts. As part of the partnership, STB and PhonePe will embark on joint marketing efforts across India and Singapore, aimed at promoting Singapore’s vibrant attractions and the convenience of UPI payments for Indian tourists.
This strategic alliance is the first of its kind between a destination and a UPI payments platform, highlighting the shared commitment of STB and PhonePe to enhance the travel experience for visitors to Singapore. Known for its iconic landmarks, rich heritage precincts, and diverse offerings in retail, culinary delights, and adventure, Singapore has long been a favorite destination for Indian travelers. With the integration of UPI payments at various tourist attractions and retail outlets, Indian visitors can now enjoy the familiarity and ease of making transactions using their PhonePe app during their stay in Singapore.
Seamless Transactions in the UAE
Furthermore, PhonePe users traveling to the UAE can now make payments using UPI at Mashreq’s NEOPAY terminals. These terminals are available across a wide range of retail stores, dining outlets, and tourist attractions, offering travelers unparalleled convenience. Facilitated by the Unified Payments Interface (UPI), these transactions allow users to scan QR codes for seamless and rapid payments, with account debits occurring in INR, reflecting the currency exchange rate.
For NRIs with UAE mobile numbers, the PhonePe app offers the added convenience of linking their existing NRE and NRO accounts to facilitate payments, enhancing the ease of transactions for the Indian diaspora in the UAE. This collaboration is made possible through Mashreq’s partnership with NPCI International Payments Limited (NIPL), enabling NEOPAY terminals to accept UPI apps as a payment instrument.
By combining PhonePe’s cutting-edge technology with Mashreq’s commitment to innovation, this strategic alliance aims to provide a superior customer experience at NEOPAY terminals, further enhancing the convenience and accessibility of digital payments for travelers in the UAE.
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