India’s First Fintech Company Phonepe launched the Cross-border UPI Payments system

Daily Current Affairs / India’s First Fintech Company Phonepe launched the Cross-border UPI Payments system

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Category : Business and economics Published on: February 11 2023

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PhonePe, India’s largest digital payment company has launched support for ‘UPI international’ payments and this feature allows PhonePe’s Indian users traveling abroad to instantly pay foreign merchants using UPI.
Walmart-backed PhonePe said it is the first Indian fintech app to launch the service.
Users will be able to make payments in the foreign currency directly from their Indian bank- just like they do with international debit cards.
The current launch supports all international merchant outlets in UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR code.
PhonePe was founded in December 2015 and it has emerged as India’s largest payments app. With 435 million registered users, one in four Indians are now on PhonePe.