Tag: Cross-Border Payments

Highlights PhonePe enables UPI payments at NEOPAY terminals in UAE for easy transactions. Users can make payments directly from their INR accounts using QR code scans. NRIs can link their NRE and NRO accounts to PhonePe for convenient use in the UAE. The partnership with Mashreq Bank and NIPL facilitates seamless cross-border payments. PhonePe has announced that they are introducing UPI payments in UAE through Mashreq Bank’s NEOPAY network utilizing digital systems created by Indian fintech corporation. Presently, these types of transactions will be feasible only at NEOPAY terminals. Speaking on the partnership Ritesh Pai, CEO International Payments, PhonePe said: “We are thrilled to announce our partnership with Mashreq. UAE is a very popular destination, with millions of Indian visitors every year. 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 travelers. This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors.” Vibhor Mundhada, CEO of NEOPAY at Mashreq added, “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.” PhonePe UPI in the UAE PhonePe enables UPI payments at NEOPAY terminals in UAE for easy transactions Essentially, what this means is PhonePe users now can pay simply by scanning a QR code at NEOPAY terminals. At present, as per the existing currency conversion rates, the value of the transaction gets debited from their INR accounts after deduction in India Rupees. To make matters happen between them NPCI International Payments Limited (NIPL) – which is an overseas subsidiary organization belonging to National Payments Corporation India (NPCI) – has allied with Mashreq Bank and that’s how they could bring about such cooperation. NRIs can link their NRE and NRO accounts to PhonePe for convenient use in the UAE Moreover, Indians living overseas (NRIs) who have UAE phone numbers can connect their current NRE (Non-Resident External) plus NRO (Non-Resident Ordinary) accounts held with banks in India to PhonePe so that they can use UPI for transactions here in Dubai. Ritesh Pai, CEO of PhonePe's International Payments division, highlighted the convenience this service brings to the millions of Indian visitors to the UAE annually, allowing them to transact using the familiar UPI payment method. “We aim to actively collaborate with financial institutions around the world, fostering partnerships to deliver convenient and secure cross-border payment solutions for consumers. This partnership encourages fintech collaboration and unifies the ecosystem to streamline payment processes for Indian travelers to UAE,” Anubhav Sharma, Deputy Chief – Partnership Business Development & Marketing, NIPL said. How It Works Users can make payments directly from their INR accounts using QR code scans The facility functions simply: clients can scan a QR code at partner stores and the deal will be carried out in Indian Rupees, while the exchange rate will be shown for transparency. In addition, non-resident Indians (NRIs) having UAE mobile numbers may also utilize it. They just need to download the PhonePe app and link their current accounts like NRE or NRO ones; thus making services more accessible and convenient for the Indian diaspora in United Arab Emirates. FAQs What is the new service introduced by PhonePe in the UAE? PhonePe has launched a service that allows users to make UPI payments in the UAE using QR codes at NEOPAY terminals, directly debiting from their Indian INR accounts. How can Indian expatriates in the UAE benefit from PhonePe's new UPI payment service? Indian expatriates, or NRIs, can connect their NRE or NRO accounts to the PhonePe app and use it to transact conveniently at various locations across the UAE that support NEOPAY. What role does Mashreq Bank play in PhonePe's UPI service in the UAE? Mashreq Bank, through its NEOPAY network, has partnered with NPCI International Payments Limited (NIPL) to enable the use of PhonePe for UPI transactions in the UAE. Are there any specific requirements for NRIs to use PhonePe's UPI services in the UAE? NRIs need to have a UAE mobile number and must link their NRE or NRO bank accounts with the PhonePe app to start using the service for payments in the UAE. How Does UPI Payment Feature in UAE Works? Currently, only PhonePe users traveling to the UAE can use UPI for payments. Here is how you can use UPI payments in UAE: Look for a store with a NEOPAY terminal displaying the UPI symbol. Open the PhonePe app on your phone and initiate a UPI payment as you normally would in India. Scan the QR code displayed on the NEOPAY terminal. Confirm the payment details, including the amount (which will be in INR) and currency exchange rate. Enter your UPI PIN to complete the transaction. What are the Benefits of this New Feature? This new integration these advantages: Convenience for Travellers: Indian tourists can ditch the hassle of carrying cash or converting currency. They can simply rely on their trusted PhonePe app for payments, ensuring a familiar and hassle-free experience. NRIs Can Join the Party: Non-resident Indians (NRIs) with UAE mobile numbers can also benefit from this service. They can link their existing NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts to their PhonePe app and start making payments. Smoother Transactions: Transactions made via UPI will be deducted from your Indian Rupee (INR) account, with the currency exchange rate clearly displayed during the transaction. Also Read: PhonePe’s Indus Appstore Hits 100,000 Downloads in Three Days, Signaling Shift in India’s App Market Also Read: PhonePe launches Income Tax Payment feature on its app: How To Use it Step by Step Guide

Tag: Cross-Border Payments

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