Payment app PhonePe and Mashreq collaborated on Thursday, as part of Mashreq’s with NPCI International Payments (NIPL) to improve the ease and convenience of transactions for the Indian diaspora and expand its footprint in the United Arab Emirates.
The company said PhonePe App users traveling to the UAE can now utilize Mashreq’s NEOPAY terminals to make payments via the Unified Payments Interface (UPI). To carry the cash transfers, consumers can scan QR codes as usual to complete the transaction, ensuring smooth and quick payments.
Digital payments service said the account debit for these transactions will be in Indian rupees (INR), with the currency exchange rate indicated. Furthermore, the company added Non-Resident Indians (NRIs) with UAE mobile numbers can download the PhonePe app and link their current NRE (Non-Residential External) and NRO (Non-Residential Ordinary) accounts to make payments.
“This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors,” said, Ritesh Pai, CEO of International Payments at PhonePe.
In February, PhonePe launched Indus Appstore to compete with the global giant Alphabet-owned Google’s Play Store, which has been succeeding in the market with over one million installations within just a month of its availability.
In 2023, PhonePe has secured a $100 million investment from General Atlantic, to underline General Atlantic’s belief in the fintech business and its prospects. With this primary infusion from General Atlantic, PhonePe has raised a total of $850 million in primary capital so far in the last round.
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