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After the United Arab Emirates (UAE), PhonePe users can now make payments through UPI in Singapore.
The development comes as the UPI payments giant PhonePe partnered with entered into a two-year Memorandum of Understanding (MoU) with the Singapore Tourism Board (STB).
Last week, PhonePe expanded its operations to the United Arab Emirates (UAE), allowing Indian users visiting the country to effortlessly make payments through UPI at Mashreq Bank's NEOPAY terminals.
Leveraging UPI
The partnership leverages the existing Unified Payments Interface (UPI) linkage between India and Singapore, which allows customers to instantly make cross-border transactions between the two countries directly from their existing Indian bank accounts.
As part of the partnership, STB and PhonePe will invest in joint marketing efforts across India and Singapore to promote the destination’s vibrant offerings and seamless UPI experiences across key tourism hotspots.
Why Singapore?
As one of the most vibrant urban destinations in the region, Singapore is well known for its iconic landmarks and rich heritage precincts, each with its own charm.
With a host of extraordinary retail, culinary, and adventure hot spots awaiting every traveller, this move will further unlock the seamless exploration of Singapore’s diverse attractions and offerings, which have attracted Indian travellers.
“Singapore is a dynamic destination with unique offerings that are well appreciated and celebrated among Indian travellers. Partnering with STB will facilitate ease of transactions for PhonePe users who now can just pay directly from their existing bank account by scanning a QR code when visiting the island-city," said Ritesh Pai, CEO of PhonePe, International Business for PhonePe.
Enhancing the travelers' experience
Melissa Ow, Chief Executive of the Singapore Tourism Board, said, “We are excited to announce our alliance with PhonePe, a leading Fintech player in India. This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers."
"By seamlessly integrating Singapore’s exceptional offerings into the digital realm, our goal is to streamline payments across the traveller’s experience and promote curated deals, from attractions and retail to dining and nightlife. This initiative reflects STB’s commitment to innovation and customer-centricity in the travel industry," Ow said.