PhonePe, India’s leading digital payments platform, has joined forces with Mashreq, a prominent UAE bank, to empower Indian travelers with a revolutionary payment experience. This strategic partnership allows PhonePe users visiting the UAE to leverage the familiar convenience of UPI (Unified Payments Interface) for instant and secure payments across a vast network of retail stores, restaurants, and tourist attractions equipped with Mashreq’s NEOPAY terminals.
Gone are the days of currency exchange hassles and unfamiliar payment methods. PhonePe users in the UAE can now simply scan QR codes at NEOPAY terminals to make swift and secure payments directly from their Indian Rupee (INR) accounts. The platform transparently displays the currency exchange rate, ensuring complete cost clarity.
This innovative alliance extends its benefits to Non-Resident Indians (NRIs) residing in the UAE. By downloading the PhonePe app and linking their existing NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts, NRIs can enjoy the ease of UPI payments within the UAE. This initiative significantly streamlines financial transactions for the Indian diaspora in the UAE.
This groundbreaking partnership leverages the combined strengths of PhonePe’s cutting-edge fintech solutions and Mashreq’s unwavering commitment to technological advancements. By enabling NEOPAY terminals to seamlessly accept UPI payments, the collaboration fosters a superior customer experience across the UAE.
Ritesh Pai, CEO of International Payments at PhonePe, expressed his enthusiasm: “We are thrilled to partner with Mashreq. The UAE is a popular destination for millions of Indian visitors annually. This collaboration empowers them to transact conveniently using UPI, a familiar and trusted payment method. PhonePe is committed to fostering seamless digital payments, catering to the evolving needs of today’s travelers. This alliance unlocks a new era of smooth and enjoyable journeys for Indian visitors to the UAE.”
Vibhor Mundhada, CEO of NEOPAY at Mashreq, echoed this sentiment: “We are delighted to collaborate with PhonePe, offering yet another innovative payment solution for Indian tourists and visitors in the UAE. This initiative strengthens the financial ties between our two nations. It underscores our dedication to integrating cutting-edge technology into our operations and delivering solutions that exceed customer expectations.”
Anubhav Sharma, Deputy Chief – Partnership Business Development & Marketing at NIPL, commented: “NIPL actively seeks collaborations with global financial institutions. This partnership signifies our commitment to fostering secure and convenient cross-border payment solutions for consumers. It promotes collaboration within the fintech industry, streamlining the payment experience for Indian travelers to the UAE.”
Beyond Convenience: Streamlined Inward Remittances
PhonePe’s vision extends beyond facilitating travel and local transactions. The platform plans to introduce inward remittance services leveraging the robust UPI infrastructure once the corridor for inward remittances is enabled. This will eliminate the need for cumbersome bank account details and IFSC codes, simplifying the money transfer process for NRIs in the UAE.
This groundbreaking partnership between PhonePe and Mashreq marks a significant leap forward in cross-border payment solutions. By empowering Indian travelers and NRIs in the UAE with the familiar convenience of UPI, this collaboration ushers in a new era of seamless financial experiences.
