Indian travelers in the United Arab Emirates (UAE) have received a significant boost in convenience with the introduction of the Unified Payments Interface (UPI) payments via the PhonePe app at NEOPAY terminals. This groundbreaking development is the result of a strategic collaboration between NPCI International Payments and Mashreq Bank, making digital transactions smoother and more accessible for Indians abroad.
Seamless Transactions Across the UAE
NEOPAY terminals, integrated with PhonePe’s UPI payment option, are now widespread across retail stores, dining outlets, and tourist attractions throughout the UAE. Indians visiting or residing in the UAE can effortlessly make payments by scanning a QR code at these terminals, entering the transaction amount, and completing the payment within seconds. This process not only streamlines the payment procedure but also maintains the transaction in rupees, offering clarity on the exchange rates applied.
A Milestone for Digital Payments Abroad
Ritesh Pai, CEO of International Payments at PhonePe, emphasized the importance of this collaboration, stating it enables customers to transact via UPI, a payment method already familiar to them from India. This initiative marks a significant step in making digital payments borderless, by extending a popular Indian digital payment method to the UAE.
Expansion Plans and Future Prospects
The integration of UPI payments in the UAE is just the beginning, as PhonePe has expressed plans to launch inward remittance services, further enhancing the utility of its platform for the Indian diaspora. This move awaits the establishment of a transaction corridor, which upon activation, will greatly benefit users by facilitating direct remittances.
Vibhor Mundhada, CEO of NEOPAY, lauded the initiative as a testament to their commitment to embracing technology and innovation in delivering customer-centric solutions. This collaboration not only enriches the payment landscape in the UAE but also sets a precedent for future expansions of UPI payments globally.
How It Works: A Guide for NRIs
Non-Resident Indians (NRIs) residing in the UAE with UAE mobile numbers can take advantage of this service by downloading the PhonePe app and linking their Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts. This setup ensures a hassle-free payment experience, further facilitating the convenience of transactions for the Indian community in the UAE.
This initiative significantly eases the payment process for Indian tourists and residents in the UAE, reflecting the growing influence of digital payment solutions on a global scale. As digital payment platforms like PhonePe continue to explore international avenues, the bridge between local and global payment ecosystems grows stronger, heralding a new era of financial connectivity.
