In a significant development for Indian citizens residing or visiting the UAE, the PhonePe app has expanded its payment services through the Unified Payments Interface (UPI). This expansion comes as a result of a strategic partnership between PhonePe and Dubai-based Mashreq Bank, allowing for seamless transactions at Mashreq’s NEOPAY Terminals located across various establishments such as retail stores, dining outlets, and tourist attractions.
One of the key features of this collaboration is that transactions will be processed in Indian rupees, with the currency exchange rate conveniently displayed at the NEOPAY Terminals, as confirmed by PhonePe.Activating international UPI payments through the PhonePe app has been made simple and straightforward.Users need to follow a few steps:open the PhonePe app, tap on their profile picture, select "UPI International" under the "Payment Settings" section, tap "Activate" next to the preferred bank account for international UPI payments, and finally, enter the UPI PIN to complete the activation process.Making payments using the PhonePe app in the UAE is equally easy.At any NEOPAY terminal, users can simply scan the QR code displayed on the PhonePe app to initiate the payment process. The account debit will occur in Indian rupees, providing users with transparency and convenience throughout the transaction.Indian expatriates living in the UAE can also benefit from this service by downloading the PhonePe app on their mobile devices. By linking their existing Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts to the app, they can seamlessly make payments at NEOPAY terminals using PhonePe.This partnership between PhonePe and Mashreq Bank marks a significant milestone in the realm of digital payments, particularly for the Indian community in the UAE. It not only enhances the convenience of making transactions but also promotes financial inclusion by providing access to innovative payment solutions.The introduction of PhonePe's services in the UAE reflects the growing trend of digital payment adoption globally and underscores the importance of partnerships between fintech companies and traditional financial institutions in driving innovation and enhancing user experience.Looking ahead, both PhonePe and Mashreq Bank aim to further expand their collaboration and introduce additional features and services to cater to the evolving needs of consumers in the UAE
