PhonePe to process UPI payments overseas

PhonePe, the leading fintech platform in India known for its dominance in UPI transactions, has made a major leap forward by offering international payments through the UPI platform. It becomes the first Indian fintech company to offer this facility, allowing Indians traveling abroad to pay foreign merchants using UPI.

With the UPI-linked bank account, PhonePe users can now activate UPI International on the app and make payments in the same way as they would with an international debit card. The foreign currency will be directly debited from the user’s bank account, and the service is currently supported by foreign merchant outlets with local QR codes in UAE, Singapore, Mauritius, Nepal, and Bhutan.

PhonePe users can activate the UPI International service by entering their UPI code on the app, either before travel or at the time of payment. The company emphasizes that customers do not need a credit card or foreign exchange card when making payments outside India.

As for the future, the UPI International platform is expected to expand to more countries, and according to the National Payments Corporation of India, NRIs from ten countries such as Singapore, Australia, Canada, Hong Kong, and the United States, among others, will soon be able to pay without the need for an Indian phone number.