PhonePe has introduced a new facility called 'UPI International' that allows PhonePe users traveling to international destinations to pay foreign merchants through UPI in the currency of that country.
PhonePe is the first Indian fintech company that has enabled payments abroad. It eliminates the need for international cards and can be accessed on both Android and iOS devices.
PhonePe has developed this facility in collaboration with the NPCI Payments International Limited (NPIL), a subsidiary firm of the National Payments Corporation of India. The facility is similar to international debit card transactions.
How does it work?
Using this facility, Indian banks will deduct the amount from the user's bank account, and the payments are made in the receiver's local currency. Like mentioned earlier, this is similar to international debit card transactions.
If you want to use this facility, it is available on the app itself, and you do not need to install a separate app. You can just activate it before you travel or at the location of the merchant. You will have to enter your UPI pin to activate this facility.
In which countries can you use this feature?
For now the online transactions are available for local merchants in Nepal, Bhutan, Singapore, Mauritius and the UAE. More countries will be added soon.
