UPI Payments now accessible for NRIs and Indian Tourists in the UAE

NRIs and Indian tourists visiting the UAE now have the convenience of utilizing PhonePe, Paytm, and Google Pay apps to make payments using the United Payments Interface (UPI) at Mashreq’s Neopay terminals.

This includes NRIs who possess UAE mobile numbers, enabling them to download the PhonePe App and link it with their Indian accounts. The initiative aims to improve the efficiency of payment processes and enhance financial connectivity between India and the UAE.

These NEOPAY terminals are conveniently located across various retail outlets, restaurants, tourist spots, and leisure attractions in the UAE. The payment process is straightforward, requiring users to scan a QR code for swift transactions.

Transactions conducted through PhonePe App using UPI at Mashreq’s NEOPAY terminals will be debited in Indian rupees, with the currency exchange rate displayed during the transaction.

Moreover, Indian expatriates in the UAE can also utilize the PhonePe app by linking their UAE mobile number and Non-Residential External (NRE) and Non-Resident Ordinary (NRO) accounts, further enhancing transactional ease and convenience.

This collaboration between PhonePe and Mashreq is facilitated through Mashreq’s partnership with NPCI International Payments Limited (NIPL), allowing NEOPAY terminals to accept UPI apps as a payment instrument. The objective is to provide Indian travelers with seamless UPI-based transaction experiences.

Ritesh Pai, CEO for International Payments at PhonePe, expressed enthusiasm about the partnership, highlighting the convenience it brings to customers familiar with UPI. He emphasized PhonePe's commitment to embracing digital payments and catering to the evolving needs of travelers.

Vibhor Mundhada, CEO of NEOPAY at Mashreq, underscored the significance of collaboration in strengthening financial ties between India and the UAE, demonstrating a dedication to innovation.

In addition to facilitating local transactions, PhonePe plans to introduce inward remittance services using the UPI infrastructure, simplifying money transfers for users by eliminating the need for bank account numbers and IFSC codes.

This strategic alliance between PhonePe and Mashreq aims to provide a superior customer experience at NEOPAY terminals by combining cutting-edge technology with Mashreq’s commitment to innovation.

Anubhav Sharma, Deputy Chief of Partnership Business Development & Marketing at NIPL, highlighted the goal of collaborating with financial institutions worldwide to deliver convenient and secure cross-border payment solutions for consumers.

In addition to its role in facilitating transactions, PhonePe is a leading Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. Established in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe offers a range of financial services through its app, including sending and receiving money, mobile recharges, utility payments, and in-store transactions.