PhonePe UPI International feature: Amidst the strong wave of digitisation, Indian economy is thriving with Unified Payment Interface (UPI). After UPI boost to Indian economy, the government has made it clear that UPI will go global and will synchronize with the global economy.
PhonePe takes UPI global
Now in a recent update PhonePe, a Digital Payment Company has launched its ‘UPI International’ payment feature on February 7, 2023. With the launch of this feature, PhonePe has become the first fintech company that facilitates cross border UPI transactions. The transaction can be made through local QR codes. Like the international debit cards, now users can also make UPI payment in foreign currency from the Indian Banks.
UAE, Singapore, Nepal, Bhutan and Mauritius are the five countries where PhonePe’s UPI services can be availed. To utilize the UPI international functionality on PhonePe, users must either activate their UPI-linked account at the merchant location or prior to their trip. To activate the services on their device, they must enter their UPI pin.
With the introduction of the international payment facility, the merchants will get payment in their local currency while the payee will get the money deducted in Rupees from their Bank account. This will also reduce the necessity of carrying a plastic card while travelling.
The PhonePe’s announcement has come almost a month after the government of India announced its intention to take UPI global. The government is enthusiastic with the growth of UPI in India.
Also read: Number one remittance receiving country gets a UPI boost
UPI boost in Indian Economy
To analyse the success of UPI, it is necessary to go through the National Payment Corporation of India (NPCI). As per the data, the number of UPI transaction sored with a whopping 106.06% to 38.74 billion with 77.28 % increase in the value of transaction to Rs. 67,14,985.80 crores in FY 2021. In year 2022, the transactions further rose to 74.04 billion at 91.12% increase. The total value of transactions too soared by 87.56% to Rs. 1,25,94,818.73 crores.
|Year||UPI transactions (billions)||Total Value (Rupees in crores)|
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