On a sunny Wednesday, PhonePe, the fintech giant, shared some exciting news that’s set to make trips to Singapore a breeze for its users. They’ve teamed up with The Singapore Tourism Board to integrate UPI payments into the travel experience. This means that, thanks to the magic of the Unified Payments Interface (UPI) already connecting India and Singapore, folks can now whisk money across borders straight from their Indian bank accounts, without a hitch.
The partnership is a bit like a friendship pact between PhonePe and Singapore Tourism, one that’s set to last two years. They’re not just any friends, though; they’re the kind that plans big. As a ‘decacorn’, a term for those rare companies valued over $10 billion, PhonePe’s setting its sights on making UPI the go-to for Indian travelers hitting up Singapore’s hotspots.
Together, PhonePe and The Singapore Tourism Board are rolling up their sleeves to get the word out in both India and Singapore. They’re all about showing off how easy UPI can make paying for things, whether you’re eyeing a souvenir or diving into local cuisine. The idea is to let travelers soak in the sights and sounds, not fumble with payment woes.
Melissa Ow, the chief at STB, couldn’t hide her excitement about making trips to Singapore smoother for tech-savvy visitors. And thanks to this partnership, those visiting can now tap their PhonePe app to pay instantly and securely at over 8,000 places. Whether it’s a quirky shop or a cozy eatery, it’s all just a scan away.
Ritesh Pai from PhonePe chimed in, pointing out how this move makes life easier for travelers. No more wrestling with currency exchange or unfamiliar payment methods; just scan, pay, and you’re done. It’s about making those moments in Singapore as carefree as possible.
And while PhonePe is weaving easier payment methods into travel tales, they’re also busy back home, handling over 230 million transactions a day. That’s not just a number; it’s a testament to how they’re changing the game, with an eye-popping annualized Total Payment Value (TPV) of more than $1.5 trillion. This partnership isn’t just about making payments smoother; it’s about connecting cultures, one transaction at a time.
