PhonePe, India’s leading digital payment platform, has announced the launch of its ‘UPI international’ feature. This new feature allows Indian travelers to pay international merchants using UPI while abroad. The feature is currently available in UAE, Singapore, Mauritius, Nepal, and Bhutan for all merchants with a local QR code. Making payments is immediately secure and straightforward using PhonePe as they offer the first Indian fintech service around. Those who own an Indian bank account can pay in foreign currency – exactly the same as with an international debit card. This innovation is anticipated to revolutionize the lives of numerous Indian travellers.
Rahul Chari, the CTO and co-founder of PhonePe, stated that the launch of UPI international is the first step in allowing the rest of the world to experience UPI. Historically, Indians had to use foreign currency, credit, or forex cards to make payments at international merchants. With UPI International, PhonePe customers can set up their bank accounts linked to UPI for global transactions before visiting any merchant or while traveling. To ensure security, users need to enter their UPI pin during the activation process.
PhonePe has a huge user base with 43.5 crore registered users, meaning one in four Indians are on the platform. The company has also digitized 35 million offline merchants across tier 2,3,4 and beyond, covering 99% of the pin codes in India. PhonePe also leads the Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the platform, according to the company. The digital payment platform is the market leader with 50.2% market share and is the number one UPI app in India.
Also Read: UPI Transactions Reach INR 13 Lakh Cr in January 2023 with 1.3% MoM Growth
In conclusion, PhonePe’s UPI international feature makes it easier for Indian travelers to pay at international merchants without having to rely on foreign currency, credit, or forex cards. The process is secure and straightforward, making it a convenient solution for millions of Indians traveling overseas.