In a significant move bridging financial transactions between India and the UAE, PhonePe, India’s leading digital payments platform, has announced its expansion into the United Arab Emirates (UAE). This strategic development empowers Indian citizens traveling or residing in the UAE to make seamless payments through Unified Payments Interface (UPI) at Mashreq Bank’s NEOPAY terminals, widely accessible across a variety of retail, dining, and tourist destinations. The process simplifies transactions by allowing users to scan a QR code, converting transactions into Indian Rupees (INR) while reflecting the current exchange rate.
This initiative is not just a boon for travelers but also extends its convenience to Non-Resident Indians (NRIs) in the UAE, who can now link their NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts directly to the PhonePe app. This integration aims to enhance the ease and convenience of digital transactions without the need for international bank cards, marking a significant leap towards simplifying cross-border financial activities.
Behind this expansion lies a collaboration between PhonePe and Mashreq, facilitated by NPCI International Payments Limited (NIPL). This partnership is a testament to the commitment of both organizations to embrace innovation and cater to the evolving needs of today’s global travelers and the Indian diaspora in the UAE. Ritesh Pai, CEO of International Payments at PhonePe, and Vibhor Mundhada, CEO of NEOPAY at Mashreq, both highlighted the mutual benefits of this partnership, emphasizing the ease of transaction and the strengthening of financial relations between the two countries.
Looking ahead, PhonePe plans to introduce inward remittance services leveraging the UPI infrastructure, aiming to further simplify money transfers by eliminating the need for traditional banking details such as account numbers and IFSC codes. This forthcoming service is expected to streamline the process of transferring money, thereby facilitating smoother financial transactions.
The introduction of PhonePe’s payment services in the UAE marks a milestone in the company’s efforts to expand digital payment accessibility globally. With a user base of over 520 million registered users and a leadership position in India’s digital payments landscape, PhonePe’s foray into the UAE is a significant step towards achieving its vision of offering every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.
