Indians will now be able to send money abroad for the first time thanks to PhonePe's most recent international UPI payment method.
PhonePe, which has the largest proportion of UPI transactions, is now the first Indian fintech platform to support international payments. Travelling Indians can now use UPI to make payments to international merchants. PhonePe has over 43.5 crore registered users.
On Tuesday, the fintech company PhonePe said that its users would be able to pay at foreign merchant locations in five nations, including the UAE, Nepal, Mauritius, Bhutan and Singapore, via the Unified Payments Interface system.
According to a statement from the firm, Phonepe users will be able to make payments in foreign currencies straight from their Indian banks, much like they can with international debit cards.
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At international merchant locations, Indian customers must pay in foreign currency or with their credit or foreign cards. However, with PhonePe's "UPI international" payments function, they may now utilise their Indian Bank accounts to make UPI payments.
How to make international transactions on PhonePe?
PhonePe user can activate their bank account for UPI worldwide on the app by linking it to their UPI account. The user must enter the UPI pin to activate the service, according to the business, and this can be done either at the site where they desire to make the payment or before travelling.
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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.
The National Payments Corporation of India announced last month that NRIs from ten nations—Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, the United Arab Emirates, and the United Kingdom—would soon be able to make UPI payments without an Indian phone number.
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