Active Stocks
Thu Apr 18 2024 14:25:30
  1. Tata Steel share price
  2. 161.65 1.00%
  1. Power Grid Corporation Of India share price
  2. 281.05 2.44%
  1. Infosys share price
  2. 1,425.95 0.79%
  1. NTPC share price
  2. 355.65 -1.00%
  1. Wipro share price
  2. 447.80 -0.18%
Business News/ Companies / Start-ups/  In a first, PhonePe launches UPI international service in 5 countries
BackBack

In a first, PhonePe launches UPI international service in 5 countries

PhonePe will offer the UPI services UAE, Singapore, Mauritius, Nepal and Bhutan.

PhonePe also said that it processes roughly 1 million offline transactions every month, while its daily online transaction numbers have gone up to 2 million per day.Premium
PhonePe also said that it processes roughly 1 million offline transactions every month, while its daily online transaction numbers have gone up to 2 million per day.

Fintech firm PhonePe on Tuesday said its users will now be able to make payments to international merchant outlets in five countries, using Unified Payments Interface (UPI) system.

PhonePe will offer the UPI services UAE, Singapore, Mauritius, Nepal and Bhutan. Its users  will be able to make payments in the foreign currency directly from their Indian bank exactly like international debit cards, PhonePe said in a statement.

"The current launch supports all international merchant outlets in the UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR code," the statement said, adding that PhonePe is the first fintech app to launch this feature in India.

It has over 43.5 crore registered users.

At present, Indians use foreign currency, credit or forex cards to pay at international merchant outlets but with 'UPI international' payments feature, PhonePe can now use their Indian Bank accounts to pay using UPI.

“UPI international is the first major step in letting the rest of the world experience UPI too. I am sure this launch will prove to be a gamechanger and will completely transform the way Indians traveling overseas pay at merchant outlets abroad," PhonePe CTO and Co-Founder, Rahul Chari said.

Over the course of this year, NPCI in collaboration with NIPL (NPCI International Payments Limited) plans to roll out UPI International to more countries, while also enabling greater merchant acceptance in the regions where this feature is currently live.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 07 Feb 2023, 09:31 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App