PhonePe, a decacorn in digital payments, has introduced support for cross-border UPI payments with its integration of UPI International. As the first company in its industry to do so, PhonePe is now accessible at merchant locations with local QR codes in UAE, Singapore, Mauritius, Nepal, and Bhutan.
PhonePe announced that users can now make payments in foreign currencies directly from their bank accounts, similar to using international debit cards. This is made possible through UPI International, a service provided by NPCI International Payments Limited, the cross-border division of the National Payments Corporation of India, to support UPI transactions for the Indian diaspora overseas.
PhonePe stated that its users can now use their Indian bank accounts to make payments at merchant locations in UAE, Singapore, Mauritius, Nepal, and Bhutan. Previously, Indian users had to rely on either cash in foreign currency or a forex card for such payments. NPCI intends to expand UPI International to more countries in 2023.
