PhonePe has launched support for cross-border UPI payments under UPI International. An international media report reported that users of the app can now use their Indian bank accounts to make payments at merchant outlets in the United Arab Emirates, Singapore, Nepal, and Bhutan.
Let us tell you that earlier Indian users had to use foreign exchange either in cash or through forex cards. With this, this digital payment platform has become the first platform in its category to integrate UPI International.
Payment abroad from an Indian account
According to PhonePe, users will now be able to make foreign currency payments directly from their bank accounts, just like international debit cards. UPI International is introduced by the cross-border arm of the National Payments Corporation of India (NPCI International Payments Limited), to facilitate UPI transactions for the Indian diaspora abroad.
NPCI data
According to NPCI data since December 2022, PhonePe has processed 367.42 crore transactions worth Rs 6.39 lakh crore.
The recent developments come amid increased international interest in government payment networks. According to Union Electronics and IT Minister Ashwini Vaishnav, India is already in talks with around 30 countries for UPI.
Foreigners will also be able to pay through UPI
Keeping in mind the popularity of UPI, the Reserve Bank of India has proposed to allow all travelers coming to India to use UPI for their merchant payments during their stay in the country.
