PhonePe Expands Reach: Users Can Now Utilize UPI for Payments in Singapore

• ByStartupStory     |    April 4, 2024

Fintech giant PhonePe has announced its collaboration with The Singapore Tourism Board (STB). This strategic partnership enables Indian travellers to utilize the Unified Payments Interface (UPI) for transactions within Singapore, leveraging their existing Indian bank accounts.

Privately-held companies valued at over $10 billion, like PhonePe, are termed “decacorns”. Expanding its reach beyond the Indian borders, PhonePe now offers its users the seamless experience of making payments through UPI across Singapore, courtesy of the alliance with STB.

“This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers,” said Melissa Ow, CEO of the Singapore Tourism Board.

The collaboration entails joint marketing efforts between STB and PhonePe across both India and Singapore, aimed at promoting UPI transactions in key tourism hubs. This initiative seeks to facilitate Indian travellers’ access to over 8,000 merchants in Singapore through the PhonePe app, ensuring instant, secure, and hassle-free payments.

“Partnering with STB will facilitate ease of transactions for PhonePe users who now can just pay directly from their existing bank account by scanning a QR code when visiting the island city,” remarked Ritesh Pai, CEO of PhonePe’s International Business.

PhonePe, known for processing over 230 million daily transactions with an annualized Total Payment Value (TPV) exceeding $1.5 trillion, continues to broaden its scope by bridging the gap in cross-border transactions. This collaboration with STB not only simplifies payment mechanisms but also enhances the overall travel experience for Indian visitors in Singapore.

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