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In a groundbreaking move, PhonePe has launched its latest initiative to allow users to make transactions in the United Arab Emirates (UAE) using its Unified Payments Interface (UPI) service through Neopay terminals. This innovative product, made possible through a partnership with payments subsidiary Mashreq Bank, marks an important milestone in PhonePe’s global expansion strategy.
Ritesh Pai, CEO, International Payments, PhonePe, highlighted the importance of this partnership and stressed that the UAE attracts millions of Indian tourists every year. He noted that this partnership paves the way for easy transactions and enhances the overall experience for tourists in the country. Through Mashreq’s partnership with NPCI International Payments Limited (NIPL) and in line with the government’s plan to expand UPI services beyond India, Mashreq enables Neopay terminals to accept UPI as a payment method.
On March 28, 2024, PhonePe also announced plans to launch inward remittance services while facilitating travel and local transactions. Once the inward remittance corridor is activated, PhonePe aims to streamline the remittance process by leveraging UPI infrastructure. This approach will simplify the remittance process by eliminating the requirement for traditional details such as bank account numbers and IFSC codes.
PhonePe has announced a partnership with Mashreq Bank to offer UPI payment services in the UAE using Neopay terminals, marking a major milestone in the company’s global expansion and innovation journey. PhonePe enables users to seamlessly accept digital payments while enhancing their overall payments experience in the UAE. As PhonePe continues to push the boundaries of fintech innovation, the company remains committed to driving financial inclusion and shaping the future of global digital commerce.
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