UPI in UAE: PhonePe users can make payments using NEOPAY Terminals

Scan and pay: PhonePe App users travelling to UAE can now make UPI payments in country, Walmart-backed fintech announced on March 28.

After Prime Minister Narendra Modi launched Unified Payments Interface (UPI) in United Arab Emirates (UAE) in February, Indian fintech’s users can make UPI payments at Mashreq’s NEOPAY terminals across retail stores, dining outlets and tourist and leisure attractions.

Mashreq is a fifty-year old financial institutions provider in UAE for banking and financial services.

collaboration is facilitated through NEOPAY parent Mashreq’s collaboration with NPCI International Payments, enabling NEOPAY terminals to accept UPI apps as a payment instrument.

Users can scan QR code for making payments, with account debit to occur in INR as currency exchange rate.

As part of facility, NRIs with UAE mobile numbers can also downlo PhonePe App and link ir existing NRE and NRO accounts to facilitate payments, to ease transactions for Indian diaspora in UAE.

Ritesh Pai, CEO International Payments at PhonePe said, “With this partnership, customers can now conveniently transact through UPI, a payment method y are familiar with. Enabling digital payments not only reflects PhonePe’s commitment to convenience but also embraces evolving needs of today’s travellers.”

PhonePe will also introduce inward remittance services once corridor for inward remittances is enabled. This will simplify process of transferring money by leveraging UPI infrastructure, and eliminate need for bank account details and  IFSC codes.

Vibhor Mundha, CEO of NEOPAY at Mashreq ded, “We are delighted to collaborate with PhonePe to offer yet anor new payment solution for Indian tourists and visitors in UAE, helping furr cement alrey strong financial relations between two countries.”

As per NPCI’s guidelines, NRIs from UAE can have access to UPI simply with NRE/NRO bank accounts [Non-Resident External account or Non-Resident Ordinary account] with international mobile numbers linked to account.