In a significant move to expand the Unified Payments Interface (UPI), fintech decacorn PhonePe launched support for UPI international payments on Tuesday. This allows PhonePe’s Indian users travelling abroad to instantly pay foreign merchants using UPI.
The feature will support all international merchant outlets in the UAE, Singapore, Mauritius, Nepal, and Bhutan with a local QR code. PhonePe claims to be the first fintech app to launch in India.
Users can use international debit cards to make payments abroad directly from their Indian banks. Users can use the PhonePe app to activate their UPI-linked bank account for UPI international at the merchant’s location or before travelling abroad.
“UPI international payments is the first major step in letting the rest of the world experience UPI. I am sure this launch will prove to be a game-changer and will completely transform the way Indians travelling overseas pay at merchant outlets abroad,” said Rahul Chari, CTO and Co-founder of PhonePe.
PhonePe, a major fintech company, processed about 50% of all transactions in December 2022, making it the leading UPI service provider in India, according to NPCI. It handled over 367.42 crore transactions of Rs 6.49 lakh crore during the month, accounting for nearly 46.92% of the market share.
