With the addition of international payments, PhonePe, which has the largest market share based on the volume of UPI transactions, allows Indians travelling abroad to pay overseas businesses using UPI. As a result, it is the first fintech platform in the nation to have this feature.
The foreign currency will be taken out of the user’s bank account, and the transactions will function exactly like they would with an international debit card.
The company claims that local QR codes used by foreign merchant shops in the UAE, Singapore, Nepal, and Bhutan are supported.
PhonePe users can activate their UPI worldwide bank account on the app by linking it to their UPI account. The user must enter the UPI pin to activate the service, according to the business, and this can be done either at the site where they desire to make the payment or before travelling. A customer wouldn’t require a credit or forex card with this facility to make payments outside of India.
“UPI International is the first major step in letting the rest of the world experience UPI too. I am sure this launch will be a game-changer and completely transform how Indians travelling overseas pay at merchant outlets abroad,” said Rahul Chari, the company’s co-founder and CTO.
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