PhonePe users can now pay using UPI in UAE
What's the story
PhonePe, a prominent digital payment platform, has extended its services to the United Arab Emirates (UAE). The company's Unified Payments Interface (UPI) services are now accessible to Indian travelers and Non-Resident Indians (NRIs) residing in the UAE. This expansion allows PhonePe users to perform quick digital transactions by scanning a QR code at various locations including retail stores, restaurants, and tourist spots. The new payment solution will strengthen financial relations between India and UAE.
Partnership
Collaboration with Mashreq for UAE expansion
The expansion of PhonePe's services into the UAE is facilitated through a collaboration with Mashreq, a leading UAE bank. This partnership stems from Mashreq's alliance with NPCI International Payments Limited (NIPL) in 2021. NIPL is a subsidiary of the National Payments Corporation of India (NPCI). Anubhav Sharma, Deputy Chief - Partnership Business Development & Marketing, NIPL stated, "We aim to actively collaborate with financial institutions around the world, fostering partnerships to deliver convenient and secure cross-border payment solutions for consumers."
User accessibility
How do UPI payments work outside India
PhonePe's UPI service operates by enabling users to scan a QR code at outlets for payments, with all transactions conducted in Indian currency. Users are provided with the currency exchange rate for complete transparency. NRIs can avail this service by downloading the app and linking their existing Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts using UAE mobile numbers. The company aims to improve transaction convenience for the Indian community in the UAE through this service.