Indian tourists and NRIs visiting the UAE can now make UPI payments using the PhonePe app. This development is the result of National Payments Corporation of India’s (NPCI) partnership with Mashreq Bank’s NEOPAY, paving the way for UPI-based payments in the Gulf countries. With a large Indian expatriate residing in the UAE, having UPI as a payment option simplifies financial transactions for Indian travelers.
Previously, in 2021, UPI services were successfully introduced to Bhutan through cooperation with the Royal Monetary Authority of the Central Bank of Bhutan.
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“The UAE is a very popular destination with millions of Indian tourists every year. Through this partnership, customers can now conveniently conduct transactions through their familiar payment method UPI.”
Ritesh Pai, CEO, PhonePe International Payments.
Once the inward remittance channel is established, PhonePe plans to launch inward remittance services using UPI infrastructure. This approach aims to simplify the remittance process and eliminate the need for complex banking details such as account numbers and IFSC codes.
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It is worth noting that UPI payments in the UAE are made through NEOPAY terminals at participating stores. Users must have an Indian bank account and a compatible mobile app like BHIM to initiate UPI transactions. UPI payments currently operate in Bhutan and Nepal and are expected to expand to Singapore by the end of the year.
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Vibhor Mundhada, CEO of Mashreq NEOPAY, echoed similar sentiments, stressing the importance of innovative payment solutions for Indian tourists in the UAE. “This latest launch underscores our commitment to integrating innovation and technology into our operations,” said Mundhada.
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