In order to enable consumers to pay abroad merchants using the Unified Payments Interface (UPI) infrastructure, PhonePe, a digital payments company, announced on Tuesday that it has enabled support for “UPI international” payments.
Launching UPI in nations including the United Arab Emirates (UAE), Singapore, Mauritius, Nepal, and Bhutan is supported by this initiative.
Users will be able to make payments in foreign currency straight from their Indian bank accounts, just like they can with foreign debit cards, claims PhonePe.
“UPI International is the first significant step towards enabling UPI to be experienced by the rest of the world as well. Rahul Chari, co-founder and chief technical officer of PhonePe, stated, “I am confident that this launch will prove to be a game-changer and will radically redefine how Indians traveling abroad pay at merchant outlets abroad.”
The finance platform, which is owned by Walmart, claimed to have over 435 million registered customers and over 35 million offline merchants.
The National Payments Corporation of India (NPCI) has been actively pushing to enhance the network’s utilization of the payment infrastructure in overseas regions, and PhonePe has become one of the largest third-party UPI apps to introduce this functionality.