Fintech unicorn PhonePe adds international support for UPI payments

Photo credit: PhonePe

Payments major PhonePe is adding support for Indian users traveling abroad to pay foreign merchants through India’s Unified Payments Interface (UPI).

UPI merges several banking features such as seamless fund routing and merchant payments into one system. With UPI International, PhonePe said it will enable users to pay in foreign currency directly from their Indian banks.

The feature will be available for Indian travelers shopping in supported shops across the United Arab Emirates, Singapore, Nepal, and Bhutan.

“UPI International is the first major step in letting the rest of the world experience UPI too. I am sure this launch will prove to be a gamechanger and will completely transform the way Indians traveling overseas pay at merchant outlets abroad,” said Rahul Chari, CTO and co-founder of PhonePe.

PhonePe is an India-based fintech unicorn owned by Walmart. It became part of the US retail titan’s network after Walmart acquired Flipkart for US$16 billion in 2018.

Since December last year, Flipkart has separated from PhonePe, as the fintech firm plans for a potential IPO.

The announcement follows PhonePe’s US$350 million raise from General Atlantic earlier this year at a pre-money valuation of US$12 billion.

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