In a significant move enhancing cross-border transactions, PhonePe, a leading digital payments platform, has announced a groundbreaking collaboration with Mashreq and NPCI, aimed at simplifying payment processes for Indian travelers visiting the United Arab Emirates (UAE).
Empowering Indian Travelers in the UAE
PhonePe users traversing the vibrant landscapes of the UAE can now effortlessly make payments via the PhonePe app at Mashreq’s Neopay terminals. These terminals are strategically stationed across retail stores, dining outlets, as well as popular tourist and leisure attractions, offering unparalleled convenience to travelers. According to the company’s recent release, transactions will be displayed in real-time exchange rates, with debits occurring in Indian rupees.
Moreover, this collaboration extends its benefits beyond transient travelers. Non-resident Indians residing in the UAE can seamlessly engage by downloading the PhonePe app and utilizing their designated non-resident accounts with Indian banks to facilitate payments.
Ritesh Pai, CEO of International Payments at PhonePe, expressed enthusiasm about the collaboration, stating, “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.”
Facilitating Cross-Border Payments
This innovative partnership is facilitated through Mashreq’s alliance with NPCI International Payments Limited (NIPL) and aligns with the government’s initiative to extend the reach of Unified Payments Interface (UPI) beyond Indian borders. Mashreq has adeptly adapted its Neopay terminals to accommodate UPI as a payment instrument, marking a pivotal step in cross-border payment solutions.
Anubhav Sharma, Deputy Chief of Partnership Business Development and Marketing at NIPL, underscored the significance of this collaboration, emphasizing its role in unifying the ecosystem to streamline payment processes for Indian travelers to the UAE.
Towards Inward Remittances
In addition to facilitating seamless travel and local transactions, PhonePe is poised to introduce inward remittance services. Once the corridor for inward remittances is enabled, PhonePe’s integration with the UPI infrastructure will simplify the process of transferring money, obviating the need for intricate details such as bank account numbers and IFSC codes.
This bold initiative not only revolutionizes the payment landscape for Indian travelers but also signifies a significant stride towards fostering financial inclusivity and convenience across borders. As PhonePe continues to redefine the contours of digital payments, its foray into facilitating cross-border transactions underscores its commitment to innovation and customer-centric solutions.
