PhonePe, a leading Indian fintech application, has announced that users travelling to the United Arab Emirates (UAE) can now make payments using UPI at Mashreq’s NEOPAY terminals.
The collaboration is facilitated through Mashreq’s partnership with NPCI International Payments Limited (NIPL) under which Mashreq has enabled NEOPAY terminals to accept UPI apps as a payment instrument.
These terminals are widely spread across various retail outlets, restaurants, tourist spots, and leisure attractions.
The process is simple, requiring users to scan the provided QR code for quick transactions.
The transactions will be facilitated by the Unified Payments Interface (UPI) and the account debit will occur in Indian rupee while showing currency exchange rate, PhonePe said in a statement.
In addition, Indian expatriates in UAE can also use the PhonePe app to make payments using their UAE mobile number and Non-Residential External (NRE) and NRO (Non-Resident Ordinary) accounts.
The initiative aims to improve the efficiency of payment processes and enhance financial connectivity between India and the UAE.
PhonePe CEO for International Payments, Ritesh Pai said, “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 travellers.”
Vibhor Mundhada, CEO of NEOPAY at Mashreq, emphasized the significance of collaboration in enhancing financial ties between India and the UAE, demonstrating a strong commitment to innovation.
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.
