Mashreq in partnership with NPCI International Payments Ltd. (NIPL), has taken a significant step forward in enhancing financial connectivity between the UAE and India. 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 merchant locations in the UAE.
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. These terminals – conveniently located across multiple avenues in the UAE, including retail stores, dining outlets, and key tourist and leisure destinations – generate a QR code that can be scanned to facilitate easy and quick payments. These payments 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. All transactions are processed in Indian Rupees (INR), offering transparency and convenience for Indian tourists.
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. This latest launch underscores our commitment to incorporating innovation and technology into our operations, and to providing the solutions and experiences our customers want and need.”
Ritesh Pai, CEO International Payments at PhonePe said: ‘’We are thrilled to announce our partnership with Mashreq. 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.’
Anubhav Sharma, Deputy Chief – Partnership Business Development & Marketing, NIPL said, “We aim to actively collaborate with financial institutions around the world, fostering partnerships to deliver convenient and secure cross-border payment solutions for consumers. This partnership encourages fintech collaboration and unifies the ecosystem to streamline payment processes for Indian travellers to UAE.”
PhonePe is India’s largest digital payments company with over 515 million registered users. This 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, thus strengthening UAE’s financial ties with India.)
