- PhonePe, a payments app, said it would offer an improved service to Indian customers who are going abroad to international markets.
- The new service will be anchored around UPI, allowing Indian instantaneous payments to be made via mobile devices efficiently.
- “PhonePe has always prided itself in being the first TPAP to take new UPI features to the market, and this time is no different. We are glad that PhonePe is leading this change. The entire world needs to experience UPI!” said a senior figure at the company.
PhonePe, a financial technology giant in India, has confirmed that it will be offering a new strand of international money transfer services.
PhonePe, which is based in the city of Bengaluru, said that it would be offering the improved service to Indian customers who are going abroad to international markets.
The markets on the list are thought to include major financial giants such as Singapore, Nepal, Bhutan, Mauritius and the United Arab Emirates.
The new service will be anchored around the Unified Payments Initiative (UPI). This service allows for Indian instantaneous payments to be made via mobile devices in an efficient way.
In a statement, the company explained that clients would be able to use their domestic bank to place a payment.
“Users will be able to make payments in foreign currency directly from their Indian bank - just like they do with international debit cards,” PhonePe said in a statement.
Rahul Chari, Co-Founder and Chief Technology Officer at PhonePe, said that the firm wanted to make the benefits of UPI global.
"UPI International is the first major step in letting the rest of the world experience UPI too," he explained.
He added that the new event would likely be "a game-changer" in processing payments overseas.
"I am sure this launch will prove to be a game-changer and will completely transform the way Indians traveling overseas pay at merchant outlets abroad,” he explained.
And he said that PhonePe had a lot of pride in the way it operated.
“PhonePe has always prided itself in being the first TPAP to take new UPI features to the market, and this time is no different. We are glad that PhonePe is leading this change. The entire world needs to experience UPI!” he said.
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