PhonePe app now allows Indians residing in UAE to make UPI payments
Indian tourists and NRIs in the UAE can now use the PhonePe app to make UPI payments, thanks to a partnership between the NPCI and Mashreq Bank’s NEOPAY. This collaboration has enabled UPI-based payments in the Gulf Nation, making financial transactions easier for Indian travellers in a country with a significant Indian expat population.
Earlier, in 2021, UPI services were successfully launched in Bhutan in collaboration with Royal Monetary Authority, the central bank of Bhutan.
“The 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,” said
Ritesh Pai, Managing Director, International Payments, PhonePe.
PhonePe plans to introduce internal remittance services utilizing the UPI infrastructure once the internal remittance corridor is established. This approach aims to streamline money transfers, eliminating the need for complex bank details such as account numbers and IFSC codes.
It is important to note that UPI payments in the UAE are facilitated through NEOPAY terminals at participating stores. Users need to have an Indian bank account and a compatible mobile app like BHIM to initiate UPI transactions. Currently operating in Bhutan and Nepal, UPI payments are expected to expand to Singapore by the end of the year.
Mashreq’s NEOPAY CEO Vibhor Mundhada echoed similar sentiments, emphasizing the importance of providing innovative payment solutions to Indian tourists in the UAE. “This latest launch underscores our commitment to incorporating innovation and technology into our operations,” said Mundhada.
