PhonePe is now the first Indian fintech platform that supports international payments. Indians traveling now can use UPI to make payments to their international traders and are estimated to have over 43.5 crore registered users.
On Tuesday, the fintech company PhonePe said that its users would be able to pay at the location of foreign traders in five nations, including the UAE, Nepal, Bhutan, Singapore, and Mauritius, through the United Payments Interface system.
As per the statement from the firm, PhonePe users will be allowed to make payments in foreign currencies straight from their Indian banks, which is similar to paying with international debit cards.
It is clarified that Indian customers must pay at the location of international traders in foreign currency or with their foreign or credit cards. However, with the ” UPI international” payments function of Phonepe, Indian customers can now use their Indian Bank accounts to make UPI payments.
How to make International transactions on PhonePe?
PhonePe users can globally activate their bank account for the UPI on the app by linking it to their UPI account. The user then must enter the UPI pin to start the service, which can be done either at the site where they desire to mow the payments or before traveling.
During this year, NPCI, in collaboration with NIPCL, plans to introduce UPI International to more countries while encouraging greater acceptance from the traders in the regions where this feature is live.
The National Payments Corporation of India declared the previous month that NRIs from ten nations, Singapore, Australia, Canada, Hong Kong, Omar, Qatar, USA, Saudi Arabia, the United Arab Emirates, and the United Kingdom, will soon be able to make UPI payments without an Indian phone number.
Conclusion
The above report announced the UPI payments and several countries that can use this fintech platform.
