Tag: UPI payments

Singapore Tourism Board (STB) and PhonePe enter a two-year strategic partnership to promote UPI payments for Indian visitors in Singapore

Telugu super news,National, April 8th,2024: The Singapore Tourism Board (STB) and PhonePe have entered a two-year Memorandum of Understanding (MoU). At a signing ceremony held on the morning of Wednesday, April 3rd, STB’s Chief Executive, Melissa Ow, and Ritesh Pai, Chief Executive Officer,  International Payments Business for PhonePe , formally signed the MoU. This collaboration builds upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, which allows customers to instantly make cross border transaction between the two countries directly from their existing Indian bank accounts.

As part of the partnership, STB and PhonePe will invest in joint marketing efforts across India and Singapore, to promote the destination’s vibrant offerings and seamless UPI experiences across key tourism hotspots.

This strategic milestone – the first of its kind between a destination and a UPI payments platform – underscores the shared commitment of STB and PhonePe to add value to the overall experience of travellers exploring the vibrant city of Singapore by making it possible for them to use familiar services like UPI payments during their stay. As one of the most vibrant urban destinations in the region, Singapore is well known for its iconic landmarks and rich heritage precincts, each with its own charm. With a host of extraordinary retail, culinary, and adventure hot spots that await every traveller, this move will further unlock seamless exploration of Singapore’s diverse attractions and offerings that has attracted Indian travellers.

Melissa Ow, Chief Executive, Singapore Tourism Board, said: “We are excited to announce our alliance with PhonePe, a leading Fintech player in India. This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers. By seamlessly integrating Singapore’s exceptional offerings into the digital realm, our goal is to streamline payments across the traveller’s experience and promote curated deals, from attractions and retail to dining and nightlife. This initiative reflects STB’s commitment to innovation and customer-centricity in the travel industry.”

Ritesh Pai, Chief Executive Officer, PhonePe, International Business for PhonePe Private Limited, said: “Singapore is a dynamic destination with unique offerings that are well appreciated and celebrated among Indian travellers. Partnering with STB will facilitate ease of transactions for PhonePe users who now can just pay directly from their existing bank account by scanning a QR code when visiting the island-city.”

PhonePe Users Can Now Make UPI Payments in UAE via NEOPAY Terminals

Telugu super news,National, March 28, 2024: PhonePe App users traveling to the UAE can now make payments using UPI at Mashreq’s NEOPAY terminals, available across a wide array of retail stores, dining outlets, as well as tourist and leisure attractions. They simply need to scan the QR code for seamless and rapid payments. These transactions are facilitated by the Unified Payments Interface (UPI). The account debit will occur in INR, showing the currency exchange rate. 

Additionally, NRIs with UAE mobile numbers can also download the PhonePe App and link their existing NRE and NRO accounts to facilitate payments. This aims to enhance the ease and convenience of transactions for the Indian diaspora in the UAE. 

This collaboration is facilitated through Mashreq’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Mashreq has enabled NEOPAY terminals to accept UPI apps as a payment instrument, thus allowing Indian travelers to conveniently use UPI for transactions.

This strategic alliance combines PhonePe’s cutting-edge technology with Mashreq’s commitment to incorporate best-in-class tech and innovation in their operations. It will play a vital role in providing a superlative customer experience at NEOPAY terminals.  

Speaking on the partnership Ritesh Pai, CEO International Payments, PhonePe said, “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. Enabling digital payments not only reflects PhonePe’s commitment to convenience but also embraces the evolving needs of today’s travelers. This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors.”

Vibhor Mundhada, CEO of NEOPAY at Mashreq added, “We are delighted to collaborate with PhonePe to offer yet another new payment solution for Indian tourists and visitors in the UAE, helping 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.” 

Anubhav Sharma, Deputy Chief – Partnership Business Development & Marketing, NIPL said, “We aim to actively collaborate with financial institutions around the world, fostering partnerships to deliver convenient and secure cross-border payment solutions for consumers. This partnership encourages fintech collaboration and unifies the ecosystem to streamline payment processes for Indian travelers to UAE.” 

In addition to facilitating travel and local transactions, PhonePe will also introduce inward remittance services once the corridor for inward remittances is enabled. This will simplify the process of transferring money by leveraging the UPI infrastructure, thereby eliminating the need for details such as bank account numbers and IFSC codes. 

PhonePe becomes India’s first fintech platform to enable cross-border UPI payments

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PhonePe

Telugu Super News,Bengaluru, February 7,2023: PhonePe, India’s largest digital payment company, today announced that it has launched support for ‘UPI international’ payments. This feature allows PhonePe’s Indian users traveling abroad to instantly pay foreign merchants using UPI. The current launch supports all international merchant outlets in UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR code. Users will be able to make payments in the foreign currency directly from their Indian bank- just like they do with international debit cards. PhonePe is the first fintech app to launch this feature in India.

UPI international is designed to facilitate safe and easy transactions for millions of Indians traveling overseas. Historically, Indian customers needed to use a foreign currency, or their credit or forex cards to pay at international merchant outlets. With this feature, they can now use their Indian Bank account to pay using UPI. 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.

Speaking on the development, Rahul Chari, CTO and Co-Founder of PhonePe said, “Over the past six years, all over India we have been lucky to experience the UPI payments revolution transforming our daily lives. 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 has always prided itself in being the first TPAP to take new UPI features to the market, and this time is no different. We are glad that PhonePe is leading this change. The entire world needs to experience UPI!”

PhonePe users can activate their UPI linked bank account for UPI international at the merchant location, or prior to their international trip, via the PhonePe App. The flow is secure and will require the customer to enter their UPI pin in order to activate the service.