The age of UPI and digital payments seems to be at a peak now. And now PhonePe which ranks among the most popular digital platforms for payment in India, is going international.
With the latest feature on PhonePe is set to allow international payments using UPI. This will make things convenient and handy for those frequent travelers willing to purchase stuff via online payments. PhonePe will be activating the international UPI in the following countries currently-
· The UAE
· Singapore
· Nepal
· Bhutan
PhonePe had been developed in association with NCPI International Payments and now is setting sights on its ‘UPI International’ to more countries in the near future. NCPI has shown support for this international plan for UPI payments. Earlier there had been buzz that PhonePe might become a bank soon. However, Sameer Nigam, its CEO had opined that the company will “need to grow on a whole different level for that. We’re a seven-year-old tech start-up, and you don’t wanna put deposits in our bank right now. The answer may change in 10 years, but we’re not there yet.”
Looking at PhonePe’s journey
The app has been active over the last six years and has transformed the way digital payments have shaped up in the New India of today. With UPI international, PhonePe is taking its baby step in creating a “rest of the world experience UPI.” Rahul Chari, the PhonePe CTO as well as co-founder says, “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!” PhonePe account holders need to have a bank account that is UPI linked updated for international transactions at relevant merchant locations. Service activation will need a pin input.
Summing up
While Indian banks will initiate the payment, the merchant receiver will receive the same in the local currency. With this new option, the need to carry international cards (credit or debit) will be minimized. The UPI international feature can be easily activated using the app. The latest update for the same will be available soon. Check out for the relevant notification anytime soon.
