UAE’s Mashreq Bank has taken a significant step forward in enhancing financial connectivity between the UAE and India.
In partnership with NPCI International Payments Ltd (NIPL), Unified Payments Interface (UPI) – enabled apps such as PhonePe will now be integrated with NEOPAY, Mashreq’s payment platform, facilitating seamless payment solutions for Indian tourists across multiple merchants, the firm said in a statement.
It means that Indian customers travelling to UAE, as well as NRIs with Indian bank accounts can enhance their payment convenience by downloading their preferred UPI-enabled app. Once installed, the app allows users to make payments at NEOPAY terminals which are located across the UAE in retail stores, dining outlets, and key tourist and leisure destinations.
The terminals generate a QR code that can be scanned to facilitate quick payments, which will be enabled by UPI, the instant, real-time payment system developed by the National Payment Corporation of India (NPCI) to facilitate inter-bank transactions through mobile phones. Furthermore, all transactions are processed in Indian Rupees (INR).
Vibhor Mundhada, CEO of NEOPAY at Mashreq said: “We are delighted to collaborate with PhonePe to offer yet another new payment solution for Indian tourists and visitors in the UAE, helping further cement the already strong financial relations between the two countries.”
Ritesh Pai, CEO International Payments at PhonePe added: “. UAE is a very popular destination, with millions of Indian visitors every year. With this partnership customers can now conveniently transact through UPI, a payment method they are familiar with. Enabling digital payments not only reflects PhonePe’s commitment to convenience but also embraces the evolving needs of today’s travelers. This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors.”
PhonePe is India’s largest digital payments company with over 515 million registered users. The collaboration will simplify payment transactions for Indians in the UAE who are among the top visitors to the Gulf country, with 2.46 million tourists having visited Dubai in 2023.
