PhonePe Users Can Now Make UPI Payments in UAE via NEOPAY Terminals
Chennai, March 28, 2024: PhonePe App users traveling to the UAE can now make payments using UPI at Mashreq’s NEOPAY terminals, available across a wide array of retail stores, dining outlets, as well as tourist and leisure attractions. They simply need to scan the QR code for seamless and rapid payments. These transactions are facilitated by the Unified Payments Interface (UPI). The account debit will occur in INR, showing the currency exchange rate.
Additionally, NRIs with UAE mobile numbers can also download the PhonePe App and link their existing NRE and NRO accounts to facilitate payments. This aims to enhance the ease and convenience of transactions for the Indian diaspora in the UAE.
This collaboration is facilitated through Mashreq’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Mashreq has enabled NEOPAY terminals to accept UPI apps as a payment instrument, thus allowing Indian travelers to conveniently use UPI for transactions.
This strategic alliance combines PhonePe’s cutting-edge technology with Mashreq’s commitment to incorporate best-in-class tech and innovation in their operations. It will play a vital role in providing a superlative customer experience 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.”
Anubhav Sharma, Deputy Chief – Partnership Business Development & Marketing, NIPL said, “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.”
In addition to facilitating travel and local transactions, PhonePe will also introduce inward
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.
About PhonePe Group:
PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 7 years, the company has scaled rapidly to become India’s leading consumer payments app with 520+ million registered users and a digital payments acceptance network of 38 million merchants. PhonePe also processes 230+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.5+ Trillion.
On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.
For media questions please reach out to:media@phonepe.com
About Mashreq:
Mashreq is almost a half-century old, yet proudly thinks like a challenger, startup, and innovator. Mashreq pioneered key innovations and developments in banking, starting with entry-level digital-first customers all the way to powering some of the region’s most prominent corporations and wealth accounts.
The bank’s mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them achieve their goals and unlock their vision of success.
Reassuringly present in major financial centers of the world, Mashreq’s home and global HQ remains in the Middle East, offering services whenever and wherever opportunity takes its customers.
Find your way to Rise Every Day at www.Mashreq.com/RiseEveryDay
For media inquiries, please write to: media@mashreq.com
About NIPL:
NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly-owned subsidiary of National Payments Corporation of India (NPCI). As the international arm of NPCI, NIPL is devoted for deployment of NPCI’s indigenous, successful Real-Time Payment System – Unified Payments Interface (UPI) and Card Scheme – RuPay, outside of India. NPCI has successfully developed and proved its product and technological capabilities in the domestic market by transforming payment segment in India. Conversely, there are several countries that want to establish a ‘real-time payment system’ or ‘domestic card scheme’ in their own country. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing, consulting for building real-time payment system to meet the rapidly evolving need of fast-growing global businesses. NIPL is focused on transforming payments across the globe with the use of technology and innovation. It will not only enable payment for Indians but also uplift other countries by enhancing their payment capabilities through technological assistance, consulting, and infrastructure.
For more information, visit: https://www.npci.org.in/
For media queries, please write to: corporate.communications@npci.org.in
