PhonePe, a leading Indian fintech application, has announced a new feature that allows users traveling to the United Arab Emirates (UAE) to make payments using UPI at Mashreq’s NEOPAY terminals.
This collaboration comes as a result of Mashreq’s partnership with NPCI International Payments Limited (NIPL), enabling NEOPAY terminals to accept UPI apps as a payment method.
These terminals are widely available across various retail outlets, restaurants, tourist spots, and leisure attractions.
The process is simple, requiring users to scan a provided QR code for quick transactions. According to PhonePe, transactions will be facilitated by the Unified Payments Interface (UPI), with the account debit occurring in Indian rupees while showing the currency exchange rate.
Additionally, Indian expatriates in the UAE can also use the PhonePe app to make payments using their UAE mobile number and Non-Residential External (NRE) and Non-Resident Ordinary (NRO) accounts.
This initiative aims to improve the efficiency of payment processes and enhance financial connectivity between India and the UAE.
Ritesh Pai, CEO of PhonePe for International Payments, stated that this partnership aims to provide convenience for customers familiar with UPI as a payment method.
Vibhor Mundhada, CEO of NEOPAY at Mashreq, emphasised the importance of collaboration in strengthening financial ties between India and the UAE.
PhonePe also plans to introduce inward remittance services using UPI infrastructure, simplifying money transfers for users by eliminating the need for bank account numbers and IFSC codes.
