India’s largest UPI app PhonePe on 10th September 2024 has announced partnered with Liquid Group, a fintech leader in digital cross-border payment solutions, to enable tourists from India to easily scan and pay with their PhonePe app at the large number of Liquid Group merchants in Singapore.
To make these payments, users will need to scan the QR code of the merchants with their PhonePe apps, Liquid Group has enabled its merchants to accept UPI as a payment method. These QR codes will be widely available at tourist-centric locations, including Changi Airport, duty-free shops, restaurants, bars, retailers like The Cocoa Trees, Charles & Keith, Luvenus Jewellery, Hard Rock café, etc. sightseeing spots, and transportation services. The payment will be processed in Indian rupees (INR), which will maintain both transparency and ease of use.
Speaking on the partnership, Ritesh Pai, CEO of International Payments at PhonePe, said, “We’re thrilled to partner with Liquid Group to bring the convenience of UPI payments to Indian travellers visiting Singapore. This popular destination is a favorite among Indian tourists, and we’re excited to empower them to pay quickly and easily at their favorite food, shopping, and sightseeing spots making their travel experience even more enjoyable.”
Apart from making payments to Liquid Group merchants, PhonePe users can use the PayNow-UPI real-time remittance corridor to receive overseas remittances using UPI without sharing their details, such as bank account numbers and IFSC codes.
Singapore-based Non-resident Indians (NRIs) can also link their NRE/NRO bank accounts to PhonePe and use it to make payments for various payment services in India like utility bills, transferring funds to family and friends, and merchant payments in India.
Alvin Seck, CCO of Liquid Group said, “We are excited to join forces with PhonePe to enhance the payment experience for Indian travelers in Singapore. By integrating UPI into our extensive merchant network, we are not only simplifying transactions but also reinforcing our commitment to providing seamless, cross-border payment solutions. This partnership aligns perfectly with our goal of making global payments more accessible and efficient for consumers and businesses alike.”
UPI Internationalisation
This collaboration was made possible with NPCI International Payments Limited (NIPL) memorandum of understanding(MoU) with Liquid Group in September 2021.
Moreover, the Indian government has given a persistent focus on utilisation of UPI across borders. Currently, countries such as France, Nepal, UAE, Bhutan, Malaysia, Oman, Qatar, Sri Lanka, and Mauritius use Unified Payments Interface (UPI). Indian Government is in talks with countries such as the United Kingdom, United States, Australia, and certain other European countries to expand its UPI services.
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