With the addition of international payments, PhonePe, which has the largest market share based on the volume of UPI transactions, allows Indians travelling abroad to pay overseas businesses using UPI. As a result, it is the first fintech platform in the nation to have this feature.
Transactions would work like an international debit card, with currency debited from the user’s bank account.
According to the company, all international markets of UAE, Singapore, Mauritius, Nepal and Bhutan are supported by local QR codes.
PhonePe users can activate a bank account linked to international UPI in the app. The company said that this can be done either at the point where they want to make the payment or before the trip and requires the user to enter a UPI code to activate the service. With this facility, the customer does not need a credit card or currency card to make payments outside India.
CTO and co-founder of the company, Rahul Chari stated that “UPI International is the first major step in letting the rest of the world experience UPI too. I am sure this launch will prove to be a game changer and will completely transform the way Indians travelling overseas pay at merchant outlets abroad,”
The international services currently are available for 5 countries. Nepal, Mauritius, Singapore, Bhutan and UAE are the five countries.
This step will raise funding for the company and will make it easier to compete with other rivals in the Fintech market. Phonepe is currently leading the race as the largest payment app in the country. The company believes this is the first major step in the global expansion of the UPI.