From Rupees to Dirhams
In a significant stride towards enhancing cross-border digital payments, PhonePe, the popular Indian digital wallet and payments platform, has announced a groundbreaking collaboration with Mashreq Bank in the United Arab Emirates (UAE). As of March 28, 2024, PhonePe users traveling to the UAE can now make seamless UPI payments using Mashreq’s NEOPAY terminals. This strategic alliance aims to revolutionize the payment experience for Indian tourists and the diaspora residing in the UAE.
Seamless Transactions and Convenience Await PhonePe Users at NEOPAY Terminals
1. The UPI Advantage in the UAE
PhonePe’s integration with NEOPAY terminals brings the Unified Payments Interface (UPI) to the heart of the UAE. Here’s how it benefits users:
- Familiarity: Indian travelers are already well-acquainted with UPI as a reliable and convenient payment method back home. Now, they can seamlessly extend this familiarity to their UAE journeys.
- QR Code Magic: At NEOPAY terminals, all it takes is a quick scan of the QR code to initiate rapid and secure transactions. Whether you’re shopping, dining, or exploring tourist attractions, UPI payments are just a scan away.
2. Currency Exchange Made Transparent
When PhonePe users make UPI payments in the UAE, the account debit occurs in Indian Rupees (INR). However, the transaction display also includes the currency exchange rate, ensuring transparency and clarity for users. No more guesswork—just straightforward conversions.
3. NRIs with UAE Mobile Numbers Welcome
PhonePe extends its services beyond tourists. Non-Resident Indians (NRIs) residing in the UAE can also benefit. By downloading the PhonePe App and linking their existing NRE (Non-Residential External) and NRO (Non-Residential Ordinary) accounts, NRIs can effortlessly facilitate payments. It’s a win-win for both convenience and financial management.
4. Mashreq’s Commitment to Innovation
Mashreq Bank’s partnership with NPCI International Payments Limited (NIPL) has paved the way for NEOPAY terminals to accept UPI apps as a payment instrument. This forward-thinking collaboration combines PhonePe’s cutting-edge technology with Mashreq’s commitment to incorporating best-in-class tech and innovation in their operations.
5. A Smoother Journey Ahead
As Ritesh Pai, CEO International Payments at PhonePe, aptly puts it: “Enabling digital payments not only reflects PhonePe’s commitment to convenience but also embraces the evolving needs of today’s travelers.” Vibhor Mundhada, CEO of NEOPAY at Mashreq, echoes this sentiment, emphasizing their dedication to providing solutions that customers truly want and need.
Conclusion
The PhonePe-Mashreq partnership opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors to the UAE. With UPI now at their fingertips, Indian travelers can focus on exploring the wonders of the UAE without worrying about currency hassles. NEOPAY terminals become more than just payment points—they become gateways to convenience and connectivity.
Disclaimer: The information provided in this article is based on official announcements and press releases. Readers are encouraged to verify details independently.
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