The Unified Payments Interface (UPI) services of PhonePe, a prominent digital payments platform, have been formally launched in the United Arab Emirates (UAE), marking a noteworthy step towards improving financial connection for Indian expats and travellers. The strategic expansion, which was announced on March 28, is expected to transform the way Indians living overseas transact financially by providing a convenient and quick means to make payments while they are away from home.
A Partnership That Bridges Borders
Central to this venture is PhonePe’s collaboration with the UAE’s prominent financial institution, Mashreq Bank. Through Mashreq’s Neopay terminals, PhonePe users can now effortlessly conduct digital payments across a multitude of venues, including retail stores, dining establishments, and major tourist attractions in the UAE.
This innovative service is the fruit of Mashreq’s 2021 alliance with the National Payments Corporation of India’s (NPCI) International Payments Limited (NIPL), a partnership that has effectively laid the groundwork for integrating India’s homegrown payment system into the UAE’s financial landscape.
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Seamless Transactions at Your Fingertips
PhonePe’s implementation is straightforward yet ingeniously designed. Users can simply scan a QR code at participating outlets to make payments in Indian rupees, with the application providing real-time currency exchange rates for complete transparency. This feature not only caters to Indian tourists but is also a boon for Non-Resident Indians (NRIs) residing in the UAE, who can link their Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts to the app for even more convenient access to the service.
A Vision for Global Financial Inclusion
The launch event was marked by enthusiastic remarks from Ritesh Pai, CEO of International Payments at PhonePe, who underscored the UAE’s status as a top destination for Indian visitors. “With millions of Indians visiting the UAE each year, our partnership with Mashreq enables them to transact smoothly through UPI, a payment method with which they are already familiar,” Pai stated.
Echoing this sentiment, Anubhav Sharma, Deputy Chief – Partnership Business Development & Marketing at NIPL, highlighted the broader implications of such fintech collaborations. “We aim to foster partnerships with financial institutions worldwide to deliver convenient and secure cross-border payment solutions,” Sharma noted, emphasizing the initiative’s role in unifying the ecosystem and simplifying payment processes for Indians traveling to the UAE.
