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UPI goes to UAE: PhonePe users can pay via Neopay terminals

30 Mar 2024 - {{hitsCtrl.values.hits}}      

​PhonePe​(The Economi Times) - PhonePe users travelling to the United Arab Emirates (UAE) can make payments via the PhonePe app at Mashreq's Neopay terminals across retail stores, dining outlets, as well as tourist and leisure attractions, the company said in a release today.

The transaction will show the exchange rate and the account will be debited in Indian rupees, it said.
Along with Indians travelling there, non-resident Indians living in the UAE can also download the PhonePe app and use their designated non-resident accounts with Indian banks to make payments there.

“UAE is a very popular destination, with millions of Indian visitors every year. This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors,” said Ritesh Pai, CEO, International Payments, PhonePe.

This collaboration is facilitated through Dubai-headquartered Mashreq’s partnership with NPCI International Payments Limited (NIPL) and is part of the government’s plan to take UPI outside India. Mashreq has enabled Neopay terminals to accept UPI as a payment instrument.

Anubhav Sharma, deputy chief, partnership business development and marketing, NIPL, said this is part of their efforts to create cross-border payment solutions for consumers.
“This partnership unifies the ecosystem to streamline payment processes for Indian travellers to the UAE,” Sharma added.
In addition to facilitating travel and local transactions, PhonePe will also introduce inward remittance services once the corridor for inward remittances is enabled. This 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, Walmart-backed PhonePe said today.