Indians residing in UAE can now make UPI payments using the PhonePe app

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Indian tourists and NRIs visiting the UAE can now make UPI payments using the PhonePe app. The development is a result of National Payments Corporation of India's (NPCI) partnership with Mashreq Bank's NEOPAY, which will pave the way for UPI-based payments in the Gulf nation. With a significant Indian expatriate population living in the UAE, the inclusion of UPI as a payment option will facilitate financial transactions for Indian travelers.

Earlier, in 2021, UPI services were successfully introduced in Bhutan in collaboration with the Royal Monetary Authority, the Central Bank of Bhutan.

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“The UAE is a very popular destination with millions of Indian visitors every year. With this partnership, customers can now conveniently transact through UPI, a payment method they are familiar with,” he said.

Ritesh Pai, CEO of International Payments at PhonePe.

PhonePe plans to introduce inward remittance services leveraging UPI infrastructure once the corridor for inward remittances is established. The system aims to streamline money transfers, eliminating the need for critical banking details such as account numbers and IFSC codes.

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It is important to note that UPI payments in the UAE are facilitated through NEOPAY terminals at participating stores. Users must have an Indian bank account and a compatible mobile app like BHIM to initiate UPI transactions. Currently implemented in Bhutan and Nepal, UPI payments are expected to expand to Singapore by the end of the year.

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Vibhor Mundhada, CEO of NEOPAY at Mashreq, emphasized the importance of providing innovative payment solutions to Indian tourists in the UAE. “This latest launch underscores our commitment to incorporating innovation and technology into our operations,” Mundada noted.

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