PhonePe and Mashreq have joined forces to introduce UPI payments in the United Arab Emirates (UAE), providing a seamless payment solution for Indian citizens visiting or working in the country.
PhonePe and Mashreq Partner to Enable UPI Payments in UAE
This collaboration aims to simplify payment processes for Indian nationals in the UAE. By leveraging the United Payments Interface (UPI) technology, PhonePe users can now make payments at Mashreq’s Neopay terminals. These terminals accept UPI apps as a payment instrument, facilitating transactions in Indian rupees. The partnership between Mashreq and NPCI International Payments Limited enables the acceptance of UPI payments, making it convenient for PhonePe users to transact in the UAE.
Benefits for Indian Travelers
Indian visitors and expatriates in the UAE stand to benefit significantly from this partnership. With millions of Indian citizens traveling to the UAE each year, the availability of UPI payments offers a familiar and convenient payment method. Through the PhonePe app, users can seamlessly make payments at retail stores, restaurants, and tourist attractions by scanning QR codes at Neopay terminals. This integration not only simplifies local transactions but also enhances the overall payment experience for Indian travelers.
How to Use PhonePe to Make Payments in UAE
Using PhonePe to make payments in the UAE is straightforward. Non-resident Indians with UAE mobile numbers can download the PhonePe app and link their non-resident external and non-resident ordinary accounts. Once linked, users can easily facilitate payments at Neopay terminals by scanning QR codes with the PhonePe app. This intuitive process ensures a hassle-free payment experience for PhonePe users in the UAE.
Scanning QR Codes
PhonePe users can initiate payments at Neopay terminals by simply scanning QR codes displayed at the point of sale. This quick and convenient method eliminates the need for physical cash or card transactions, providing a secure and efficient payment solution.
Linking NRI Accounts
To enable UPI payments in the UAE, users need to link their non-resident external and non-resident ordinary accounts within the PhonePe app. This linking process ensures seamless fund transfer and account verification, allowing users to leverage UPI technology for cross-border transactions.
Revolutionizing Cross-Border Transactions with UPI
The introduction of UPI payments in the UAE marks a significant milestone in cross-border transactions. With PhonePe and Mashreq’s collaboration, Indian nationals can now transact in the UAE using a payment method they are familiar with. This integration not only enhances convenience for users but also has the potential to increase transaction volume between India and the UAE.
Potential for Increased Transaction Volume
As UPI payments gain traction in the UAE, the volume of cross-border transactions is expected to rise significantly. Indian visitors and expatriates can now seamlessly conduct financial transactions using their preferred payment method, fostering greater economic exchange between the two countries.
Enhanced Convenience for Users
The availability of UPI payments in the UAE revolutionizes the way Indian nationals manage their finances abroad. By leveraging PhonePe’s digital payments platform, users can enjoy enhanced convenience and security when making purchases or transferring money in the UAE. This integration not only simplifies cross-border transactions but also strengthens the bond between India and the UAE through seamless payment solutions.
In conclusion, the collaboration between PhonePe and Mashreq to enable UPI payments in the UAE represents a significant advancement in cross-border payment technology. With simplified payment processes and enhanced convenience for users, this partnership paves the way for seamless financial transactions between India and the UAE. As UPI payments continue to gain momentum, the future of cross-border transactions looks promising, driven by innovation and collaboration in the fintech industry.
