PhonePe handles over 230 million transactions every day. (representative)
New Delhi:
Fintech firm PhonePe on Wednesday said its users can now make payments through Singapore’s Unified Payments Interface (UPI) under an agreement it signed with the Singapore Tourism Board.
The partnership builds on the existing Unified Payments Interface (UPI) link between India and Singapore, which allows customers to instantly conduct cross-border transactions between the two countries directly from their existing Indian bank accounts.
“Singapore Tourism Board (STB) and PhonePe have entered into a two-year strategic partnership to promote UPI payments among Indian tourists in Singapore,” decacorn PhonePe said in a statement. Private companies valued at more than $10 billion are known as “decacorns.”
As part of the partnership, STB and PhonePe will invest in joint marketing campaigns in India and Singapore to promote a seamless UPI experience in key travel hotspots.
Melissa Ow, CEO of STB, said: “This partnership reflects our commitment to enhancing the visitor experience in Singapore for discerning and tech-savvy consumers.”
Through this partnership, Indian tourists can now use the PhonePe app to make instant, seamless and secure payments at over 8,000 merchants in Singapore, enhancing their experience in the island city.
Ritesh Pai, CEO, International Business Unit, PhonePe Private Limited, said, “Partnering with STB will facilitate transactions for PhonePe users, who can now pay directly from their existing bank accounts by simply scanning a QR code when visiting the island city,” explain.
PhonePe also processes over 230 million transactions daily, with an annualized total payments value (TPV) of over $1.5 trillion.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
