This week, PhonePe announced that it is allowing international transactions through Unified Payments Interface (UPI). With the new introduction, Indian travellers can make UPI transactions to foreign merchants using PhonePe platform.
Cross-border transaction facility by PhonePe to support all international outlets in UAE, Singapore, Nepal, Bhutan and Mauritius having local QR Code, as per reports.
With the recent facility, Indian customers can now use their bank account to pay using UPI to merchants abroad. Indians will be able to make payments in foreign currency directly from their banks in the similar way they do with their international debit cards.
Users who are on PhonePe platform can activate their UPI-linked bank account for international transactions through UPI at the merchant location, or even before their trip abroad, with the help of the PhonePe App. Customers are required to enter their UPI pin in order to activate the service, reports say.
It is expected that, in 2023, the National Payments Corporation of India (NPCI) and NPCI International Payments Limited ( NIPL) to roll out UPI International to more countries, over a collaborative approach.