In a significant development for the Indian diaspora and tourists in the UAE, PhonePe, a widely-used app in India, has expanded its services to the United Arab Emirates. This move allows users of the PhonePe App in the UAE to make payments at Mashreq’s NEOPAY terminals, which are available across numerous retail stores, dining outlets, and tourist and leisure attractions. The process is straightforward: users simply need to scan the QR code at these terminals for quick and hassle-free payments, facilitated by the Unified Payments Interface (UPI). The amount is debited from the user’s account in INR, including the currency exchange rate.
Moreover, this expansion is not just limited to tourists. Non-Resident Indians (NRIs) residing in the UAE with local mobile numbers can also download the PhonePe App and link their existing Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts to make payments. This initiative significantly enhances the convenience of transactions for the Indian community in the UAE.
This collaboration is made possible through a partnership between Mashreq and NPCI International Payments Limited (NIPL). As a result, Mashreq has enabled its NEOPAY terminals to accept UPI apps, including PhonePe, as a payment instrument, offering Indian travelers the convenience of using a familiar payment method.
Ritesh Pai, CEO International Payments at PhonePe, expressed enthusiasm about the partnership with Mashreq, noting the UAE’s popularity among millions of Indian visitors each year. “Customers can now conveniently transact through UPI, a payment method they are familiar with,” he said. This partnership aligns with PhonePe’s commitment to providing digital payment solutions that cater to the evolving needs of today’s travelers.
Vibhor Mundhada, CEO of NEOPAY at Mashreq, also commented on the collaboration, emphasizing its significance in strengthening the financial ties between India and the UAE. “This latest launch underscores our commitment to incorporating innovation and technology into our operations,” he added, highlighting the desire to meet customer needs and preferences.
Anubhav Sharma, Deputy Chief – Partnership Business Development & Marketing at NIPL, mentioned the organization’s goal to foster partnerships that deliver convenient and secure cross-border payment solutions. He believes this partnership will encourage fintech collaboration and unify the ecosystem to simplify payment processes for Indian travelers in the UAE.
In addition to facilitating travel and local transactions, PhonePe plans to introduce inward remittance services once the corridor for inward remittances is enabled. This future service aims to simplify the money transfer process by utilizing the UPI infrastructure, thus eliminating the need for detailed bank information like account numbers and IFSC codes. This development marks a significant step forward in streamlining financial transactions for Indians in the UAE, enhancing their payment experience abroad.
