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

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.
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