PhonePe users can now make payments through UPI in Singapore

New Delhi: Fintech firm PhonePe on Wednesday said its users can now make payments through UPI in Singapore under a pact signed by the company with The Singapore Tourism Board.

The collaboration has been built upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, which allows customers to instantly make cross-border transactions between the two countries directly from their existing Indian bank accounts. "Singapore Tourism Board (STB) and PhonePe enter a two-year strategic partnership to promote UPI payments for Indian visitors in Singapore," PhonePe, a decacorn, said in a statement. Privately-held companies with a valuation of over $10 billion are termed as decacorn.

As part of the partnership, STB and PhonePe will invest in joint marketing efforts across India and Singapore, to promote seamless UPI experiences across key tourism hotspots. "This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers," STB Chief Executive Officer Melissa Ow said.

Under the collaboration, Indian travellers can now use the PhonePe app for instant, seamless, and secure payments across over 8,000 merchants in Singapore, enhancing their experience in the island city. "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," Ritesh Pai, Chief Executive Officer, PhonePe, International Business for PhonePe Private Limited, said.

PhonePe also processes over 230 million daily transactions with an annualised Total Payment Value (TPV) of more than $1.5 trillion.