PhonePe partners with Mashreq to bring UPI payments to the UAE, simplifying transactions for travelers and NRIs with seamless, real-time exchanges.
PhonePe, in collaboration with Mashreq Bank, has introduced a groundbreaking service allowing users to make seamless transactions in the United Arab Emirates (UAE) through the PhonePe app. This service is available across various venues, including retail stores, dining outlets, and tourist attractions, with transactions being conducted in Indian Rupees for clarity and convenience.
Key Features and Benefits of UPI
- For Travelers and NRIs: Both visitors and Non-Resident Indians (NRIs) residing in the UAE can take advantage of this service. NRIs can use their non-resident Indian bank accounts to make payments effortlessly within the country.
- Simplified Transactions: The integration ensures transactions are straightforward and transparent, showcasing the exchange rate directly within the app.
- Cross-Border Collaboration: This initiative is a collaboration between Mashreq’s Neopay terminals and NPCI International Payments Limited (NIPL), aiming to expand the reach of UPI payments internationally.
Future Developments
In addition to facilitating easier payments, PhonePe plans to introduce inward remittance services to further streamline the process of transferring money by using the UPI infrastructure. This advancement is expected to simplify international transfers, making them more accessible and less cumbersome for users.
The partnership between PhonePe and Mashreq marks a significant step towards globalizing UPI payments, offering a convenient solution for Indians traveling or residing in the UAE. This initiative not only simplifies financial transactions but also aligns with broader efforts to make digital payments more universally accessible.
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