Digital payment app PhonePe and Singapore Tourism Board (STB), economic development agency on Wednesday, signed a memorandum of understanding (MoU) for two years, to enable clients to instantly make cross-border transactions from their current Indian bank accounts.
The agreement was formally signed by Ritesh Pai, CEO of PhonePe and Melissa Ow, CEO of STB. This partnership expands on the current Unified Payments Interface (UPI) connection between Singapore and India, said the fintech company.
The company also said Singapore Tourism Board and PhonePe will invest in joint marketing initiatives in India and Singapore to promote the destination’s diverse offers and seamless UPI experiences in key tourism destinations.
“Partnering with STB will facilitate ease of transactions for PhonePe users who now can just pay directly from their existing bank account by scanning a QR code when visiting the island-city,” said Ritesh Pai, Chief Executive Officer of PhonePe.
Earlier this week, PhonePe and Mashreq collaborated with NPCI International Payments Limited (NIPL) to improve the ease and convenience of transactions for the Indian diaspora and expand its footprint in the United Arab Emirates.
The payments company also partnered with insurance provider Star Health and Allied Insurance Company on Wednesday, to expand its base in offering its customers health insurance on monthly and annual payment schemes.
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