 "PhonePe")
Fintech firm PhonePe App users travelling to the UAE can now make payments using UPI at Mashreq's NEOPAY Terminals, the Walmart group digital payments firm said on Thursday.
The transactions will be facilitated by the Unified Payments Interface (UPI). The account debit will occur in Indian rupee, showing the currency exchange rate, PhonePe said in a statement.
NEOPAY Terminals is available across a wide array of retail stores, dining outlets, as well as tourist and leisure attractions.
"With this partnership, customers can now conveniently transact through UPI, a payment method they are familiar with. Enabling digital payments not only reflects PhonePe's commitment to convenience but also embraces the evolving needs of today's travellers," PhonePe CEO for International Payments, Ritesh Pai said.
The collaboration is facilitated through Mashreq's partnership with NPCI International Payments Limited (NIPL). Through this partnership, Mashreq has enabled NEOPAY Terminals to accept UPI apps as a payment instrument, thus allowing Indian travellers to conveniently use UPI for transactions.
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"We are delighted to collaborate with PhonePe to offer yet another new payment solution for Indian tourists and visitors in the UAE, helping further cement the already strong financial relations between the two countries.
"This latest launch underscores our commitment to incorporating innovation and technology into our operations, and to providing the solutions and experiences our customers want and need," Vibhor Mundhada, CEO of NEOPAY at Mashreq, said.
With this facility in place, NRIs with UAE mobile numbers can also download the PhonePe App and link their existing Non-Resident External (NRE) account, which is used as a bank account to transfer foreign earnings to India in Indian currency, and Non-Resident Ordinary (NRO) accounts to facilitate payments, the statement said.
The move aims to enhance the ease and convenience of transactions for the Indian diaspora in the UAE.
In addition to facilitating travel and local transactions, PhonePe said that it will also introduce inward remittance services once the corridor for inward remittances is enabled.
The move will simplify the process of transferring money by leveraging the UPI infrastructure, thereby eliminating the need for details such as bank account numbers and IFSC codes, the statement said.
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