In an exciting development, PhonePe, a leading fintech firm, has announced a groundbreaking partnership with The Singapore Tourism Board (STB) to enable UPI payments for Indian visitors in Singapore. This collaboration builds upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, allowing users to effortlessly make cross-border transactions directly from their Indian bank accounts.
The two-year strategic partnership between STB and PhonePe aims to enhance the experience of Indian travellers in Singapore by promoting the use of UPI payments. This initiative underscores PhonePe’s commitment to providing convenient and secure payment solutions for its users, while also catering to the needs of tech-savvy consumers.
Melissa Ow, CEO of STB, expressed enthusiasm about the partnership, highlighting its significance in enhancing the Singapore visitor experience. By leveraging PhonePe’s innovative platform, Indian travellers now have access to instant, seamless, and secure payments across a network of over 8,000 merchants in Singapore, thereby enhancing their overall experience in the island city.
Ritesh Pai, CEO of PhonePe International Business, emphasized the convenience of the collaboration, noting that PhonePe users can now make payments directly from their existing bank accounts by simply scanning a QR code during their visit to Singapore. This streamlined process eliminates the hassle of currency exchange and offers a hassle-free payment experience for travellers.
With PhonePe processing over 230 million daily transactions and an annual Total Payment Value (TPV) exceeding USD 1.5 trillion, the fintech firm continues to solidify its position as a leader in the digital payments landscape. By extending its reach to Singapore and facilitating seamless payments for Indian travellers, PhonePe is furthering its mission of making payments simple, fast, and secure for users worldwide.
In conclusion, the partnership between PhonePe and STB represents a significant milestone in the realm of cross-border payments, providing Indian travellers with greater convenience and flexibility during their visits to Singapore. As PhonePe continues to innovate and expand its services, it reinforces its commitment to revolutionizing the way people transact in an increasingly interconnected world.
