PhonePe's Strategic Partnership to Promote UPI Payments for Indian Visitors in Singapore

In an exciting development, PhonePe and The Singapore Tourism Board (STB) have forged a two-year strategic partnership aimed at promoting UPI payments for Indian visitors in Singapore. This collaboration leverages the existing Unified Payments Interface (UPI) linkage between India and Singapore, enabling customers to make cross-border transactions seamlessly and instantaneously directly from their existing Indian bank accounts.

PhonePe and Singapore Tourism Board Join Forces

Empowering Users with UPI Payments in Singapore

PhonePe users can now expand their payment horizons to Singapore, thanks to the pact signed between the fintech firm and The Singapore Tourism Board. Through the established UPI linkage, users can effortlessly make payments in Singapore using the PhonePe app, enhancing their travel experience with convenient and secure transactions across over 8,000 merchants in the island city.

Strategic Partnership for Enhanced Tourism Experience

As part of the strategic partnership, STB and PhonePe are set to invest in joint marketing efforts across India and Singapore. This collaborative approach aims to promote seamless UPI experiences across key tourism hotspots, facilitating ease of transactions for Indian visitors and enhancing their overall tourism experience in Singapore.

Over 8,000 Merchants Now Accept PhonePe UPI Payments

Under this collaboration, Indian travelers visiting Singapore can leverage the PhonePe app for instant, secure, and hassle-free payments at over 8,000 merchants across the island city. This significantly enhances the visitor experience by eliminating the need to carry cash or convert currency.

"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," explained Ritesh Pai, Chief Executive Officer, PhonePe, International Business for PhonePe Private Limited.

PhonePe, a major player in India's digital payments landscape, processes over 230 million daily transactions with an annualized Total Payment Value (TPV) exceeding $1.5 trillion. This partnership signifies PhonePe's continued expansion into the international market and its commitment to providing convenient payment solutions for Indian travelers abroad.

Elevating the Visitor Experience

Dedication to Tech-Savvy Consumers

Melissa Ow, CEO of STB, expressed enthusiasm about the partnership, emphasizing its dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers. This initiative reflects a commitment to innovation and convenience, aligning with the evolving preferences of modern travelers.

Simplifying Transactions with PhonePe

Direct Payments from Existing Bank Accounts

Ritesh Pai, CEO of PhonePe International Business, highlighted the significance of the partnership in facilitating ease of transactions for PhonePe users. Through the PhonePe app, users can now make direct payments from their existing bank accounts by scanning a QR code when visiting Singapore, streamlining the payment process and ensuring a hassle-free experience.

Driving Financial Inclusion and Innovation

PhonePe's Impressive Transaction Metrics

PhonePe, a decacorn with a valuation of over USD 10 billion, processes over 230 million daily transactions, with an annualized Total Payment Value (TPV) exceeding $1.5 trillion. This underscores the company's commitment to driving financial inclusion and innovation, revolutionizing the payment landscape with seamless, secure, and user-friendly solutions.