 "SAMEER NIGAM, founder and chief executive officer (CEO) of PhonePe")
The Singapore Tourism Board (STB) and fintech major PhonePe on Wednesday entered a two-year Memorandum of Understanding (MoU) with the aim to promote UPI transactions for Indian visitors in Singapore.
The collaboration with the tourism board and the Bengaluru-based company builds upon the existing Unified Payments Interface (UPI) linkage between India and Singapore. It allows customers to instantly make cross-border transactions between the two countries directly from their existing Indian bank accounts.
“Singapore is a dynamic destination with unique offerings that are well appreciated and celebrated among Indian travellers. Partnering with STB will facilitate ease of transactions for PhonePe users who can now pay directly from their existing bank account by scanning a QR code when visiting the island-city,” said Ritesh Pai, Chief Executive Officer, PhonePe, International Business for PhonePe.
STB and PhonePe will invest in joint marketing efforts across the two countries to promote UPI experiences across key tourism hotspots in Singapore.
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“This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers. By seamlessly integrating Singapore's exceptional offerings into the digital realm, our goal is to streamline payments across the traveller’s experience and promote curated deals, from attractions and retail to dining and nightlife,” said Melissa Ow, Chief Executive, Singapore Tourism Board.
In January, the National Payments Corporation of India (NPCI) announced the launch of the UPI-PayNow linkage that will enable Indians to receive remittances directly into their bank accounts from Singapore and vice versa.
PayNow SG provides a peer-to-peer funds transfer service available to customers of Banks and Non-Bank Financial Institutions (NFIs) in Singapore, as per the NPCI website.
