Fintech major PhonePe is going to start international payment facility through UPI. Through this, PhonePe users in India will be able to make payments to international merchants using UPI while traveling abroad. Currently, the countries that will be included in this feature include UAE, Singapore, Mauritius, Nepal and Bhutan. For this feature, UPI International has to be activated in the PhonePe app.
“Users will be able to make payments in foreign currency directly from their Indian bank – just like they do with international debit cards,” PhonePe said in a statement. According to a fintech industry executive, the move appears to be an attempt by PhonePe to capture a piece of the larger forex market. This is a category where there is a direct opportunity for payment apps to make additional money.