Tech Desk – PhonePe has launched support for cross-border UPI payments. Now, The users use their Indian bank accounts to pay at merchant outlets in the UAE, Singapore, Mauritius, Nepal, and Bhutan. With this PhonePe has become the first to integrate UPI International.
According to PhonePe, users will be able to make payments in foreign currencies directly from their bank accounts.
UPI International launched by the cross-border arm of the National Payments Corporation of India facilitates UPI transactions for the Indian diaspora abroad.
According to the NPC figures( Dec 2022), PhonePe processed 367.42 crore transactions of Rs. 6.39 lakh crore. And The Bhutan Live report said the figure accounted for 47 percent of all UPI transactions and 50 percent of the total transaction value.
No Doubt, the UPI payment system get massive popularity and with this, the RBI recently said that travelers to India use UPI for their merchant payments while they are in the country.