PhonePe said on Tuesday (7th February 2023) it has launched a service that will allow the fintech firm’s Indian users traveling abroad to pay foreign merchants using Unified Payments Interface (UPI).

* 'UPI international' supports merchant outlets in UAE, Singapore, Nepal and Bhutan that have a local QR (quick response) code.

* Users will be able to make direct payments in a foreign currency from their Indian bank, like they do with international debit cards. Walmart-backed PhonePe said it is the first Indian fintech app to launch the service.
 
* PhonePe, with a recent $350 million investment from General Atlantic and a $12 billion pre-money valuation, became the most valuable fintech company in India.

* According to a report by Bain and Company, the money will enable PhonePe to expand its business and compete with Google Pay, Paytm, and Amazon Pay in the $350 billion Indian fintech market by 2026.

* Users of PhonePe can use the PhonePe App to authorise their UPI-linked bank account for the service at the merchant location or in advance of their foreign travel.

* To activate the service, the customer would need to enter their UPI pin.

* Since its launch in December 2015, PhonePe has grown to become India’s top payments app. With 435 million registered users, PhonePe is currently used by one in four Indians...

Source : Business Standard