Digital payments platform PhonePe announced on Thursday, March 28, that Indians travelling to the UAE will now be able to make UPI payments at Mashreq Bank’s NEOPAY terminals, available across various retail stores, dining outlets, tourist attractions, and leisure destinations in the country.
The process is seamless: PhonePe users simply need to scan the QR code provided at NEOPAY terminals for quick payments. These transactions will be facilitated through UPI, with the account debit occurring in Indian rupees (INR) while displaying the currency exchange rate.
PhonePe said that non-resident Indians (NRIs) with UAE mobile numbers can also benefit from this service by downloading the PhonePe app and linking their existing non-resident external (NRE) and non-resident ordinary (NRO) accounts.
“This groundbreaking initiative is made possible through Mashreq's partnership with NPCI International Payments Limited (NIPL), which enables NEOPAY terminals to accept UPI apps as a payment instrument,” the company added.
Commenting on the partnership, Ritesh Pai, CEO — International Payments, PhonePe, said, "We are thrilled to announce our partnership with Mashreq. 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."
Echoing similar sentiments, Vibhor Mundhada, CEO of NEOPAY at Mashreq, highlighted the significance of the collaboration in further strengthening the financial relations between India and the UAE. "We are delighted to collaborate with PhonePe to offer yet another new payment solution for Indian tourists and visitors in the UAE," Mundhada remarked.
Anubhav Sharma, Deputy Chief of Partnership Business Development & Marketing at NIPL, highlighted the broader vision of fostering fintech collaboration to streamline payment processes for Indian travellers to the UAE.
Additionally, the platform also said it is set to introduce inward remittance services leveraging the UPI infrastructure, simplifying the process of transferring money and eliminating the need for traditional bank account details and IFSC codes.
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