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Which company has launched a service that will allow the fintech firm's Indian users traveling abroad to pay foreign merchants using Unified Payments Interface (UPI)?
A)
Google Pay
B)
PhonePe
C)
Paytm
D)
Amazon Pay

Correct Answer :   PhonePe


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

Published On : February 8, 2023
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