PhonePe users traveling to the United Arab Emirates (UAE) now have the convenience of making payments through the PhonePe app at Mashreq’s Neopay terminals, available across various retail stores, dining outlets, and tourist attractions, as per the company’s latest announcement.
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Reportedly, it stated that the account will be debited in Indian rupees and that the transaction will display the currency rate. Non-resident Indians residing in the UAE may also download the PhonePe app and use their designated non-resident accounts with Indian banks to make payments there, in addition to Indian travelers.
According to the Times of India, Ritesh Pai, CEO, International Payments, PhonePe said, “UAE is a very popular destination, with millions of Indian visitors every year. This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors.”
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The collaboration is made possible by the government’s desire to expand the use of UPI outside of India and is made possible by Mashreq, a company with its headquarters in Dubai, and NPCI International Payments Limited (NIPL). Mashreq has made it possible for Neopay terminals to take UPI as payment.
According to Anubhav Sharma, deputy head, partnership business development and marketing, NIPL, this is a component of their initiatives to provide customers with cross-border payment options.
Sharma added, “This partnership unifies the ecosystem to streamline payment processes for Indian travellers to the UAE.”
Once the corridor for inbound remittances is allowed, PhonePe will offer inward remittance services in addition to facilitating travel and local commerce.
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Walmart-backed PhonePe announced today that this will streamline the money transfer process by utilizing the UPI infrastructure and do away with the requirement for specifics like bank account numbers and IFSC codes.
