PhonePe has become the first fintech app to facilitate UPI payments in international countries. The payments app announced the 'UPI international' payments. Indian users will no longer have to struggle with payments in foreign countries. The new update on the PhonePe will let users instantly pay foreign merchants using UPI.PhonePe has extended its UPI support in countries including UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR code. Users will be able to make payments in foreign currency directly from their Indian bank- just like they do with international debit cards. Notably, no other payments app such as PayTm allows UPI payments to foreign merchants.
Speaking on the development, Rahul Chari, CTO and Co-Founder of PhonePe said, “Over the past six years, all over India we have been lucky to experience the UPI payments revolution transforming our daily lives. 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 has always prided itself on being the first TPAP to take new UPI features to the market, and this time is no different. We are glad that PhonePe is leading this change. The entire world needs to experience UPI!”
UPI International, the new feature in PhonePe, will let Indians make payments when they are traveling outside of India. Before this, they would need to use a foreign currency or their credit or forex cards to pay at international stores. However, now, with UPI International, they can use their Indian bank account to make payments. The National Payments Corporation of India (NPCI) and NPCI International Payments Limited (NIPL) plan to expand this feature to more countries in the future. This will make it easier for Indians to make payments while they are traveling.
PhonePe users can set up their UPI linked bank account to use UPI International either at the store they are shopping at or before they leave for their trip. The process is secure and the user will need to enter their UPI pin to activate the service.
According to Rahul Chari, the CTO and Co-Founder of PhonePe, UPI International is the first step in letting the rest of the world experience the benefits of UPI payments. He believes that this new feature will be a game-changer and will transform the way Indians pay at international stores.
