PhonePe Enables UPI Payments in UAE Through Neopay Terminals via Mashreq Bank

In a groundbreaking move, PhonePe has unveiled its latest initiative, allowing users to utilize its Unified Payments Interface (UPI) services for transactions in the United Arab Emirates (UAE) via Neopay terminals. This innovative offering comes through a partnership with Mashreq Bank, the payment subsidiary, marking a significant milestone in PhonePe's global expansion strategy.

Ritesh Pai, CEO of International Payments at PhonePe, highlighted the significance of the collaboration, emphasizing that the UAE attracts millions of Indian visitors annually. He noted that this partnership paves the way for effortless transactions, enhancing the overall experience for visitors to the country. Facilitated through Mashreq's partnership with NPCI International Payments Limited (NIPL) and aligned with the government's initiative to extend UPI services beyond India, Mashreq has enabled Neopay terminals to accept UPI as a payment method.

On March 28, 2024, PhonePe also announced its plans to introduce inward remittance services alongside its travel and local transaction facilitation. Once the inward remittance corridor is activated, PhonePe aims to streamline money transfers by utilizing the UPI infrastructure. This approach will eliminate the requirement for traditional details like bank account numbers and IFSC codes, simplifying the remittance process.

PhonePe's announcement of UPI services for payments in the UAE by partnering with Mashreq Bank and leveraging Neopay terminals represents a significant milestone in the company's journey towards global expansion and innovation. PhonePe empowers users to embrace digital payments seamlessly while enhancing their overall payment experience in the UAE. As PhonePe continues to push the boundaries of fintech innovation, the company remains committed to driving financial inclusion and shaping the future of digital commerce worldwide.