PhonePe will promote UPI payments for Indian visitors in Singapore

[Abhishek012]

PhonePe will promote UPI payments for Indian visitors in Singapore:

Singapore Tourism Board (STB) and PhonePe enter a two-year strategic partnership to promote UPI payments for Indian visitors in Singapore

The collaboration has been built upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, which allows customers to instantly make cross-border transactions between the two countries directly from their existing Indian bank accounts.

New Delhi: Fintech firm PhonePe on Wednesday said its users can now make payments through UPI in Singapore under a pact signed by the company with The Singapore Tourism Board.

The collaboration has been built upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, which allows customers to instantly make cross-border transactions between the two countries directly from their existing Indian bank accounts.

"Singapore Tourism Board (STB) and PhonePe enter a two-year strategic partnership to promote UPI payments for Indian visitors in Singapore," PhonePe, a decacorn, said in a statement. Privately-held companies with a valuation of over USD 10 billion are termed as decacorn.

As part of the partnership, STB and PhonePe will invest in joint marketing efforts across India and Singapore, to promote seamless UPI experiences across key tourism hotspots.

"This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers," STB Chief Executive Officer Melissa Ow said.

Under the collaboration, Indian travellers can now use the PhonePe app for instant, seamless, and secure payments across over 8,000 merchants in Singapore, enhancing their experience in the island city.

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

PhonePe also processes over 230 million daily transactions with an annualised Total Payment Value (TPV) of more than $1.5 trillion.

 

[NAB]

The impact will be dependent on the forex rate they going to offer.
People will prefer 0 forex OR dollars compared to paying using UPI and heavy fees.

 

[makman]

I

The impact will be dependent on the forex rate they going to offer.
People will prefer 0 forex OR dollars compared to paying using UPI and heavy fees.

I think it's 0 fees using UPI payments in Singapore. Isnt it @Abhishek012 ?

 

[Abhishek012]

The impact will be dependent on the forex rate they going to offer.
People will prefer 0 forex OR dollars compared to paying using UPI and heavy fees.

I think it's 0 fees using UPI payments in Singapore. Isnt it @Abhishek012 ?

I dnt remember Singapore dollar conversion rate + forex charges but UPI payments on Bhutan, Nepal, Sri lanka - you will get better conversion rate even after paying forex charges.

Note - Here, transactions are happening in the local currency, not in US Dollars. Local central banks decide the currency conversion rate. In many countries, the currency conversion rate is so low that even after paying 2.5% forex charges, it is still cheaper than using a Visa/Mastercard with a 0% forex card.

I have observed that UPI transactions in the UAE are currently more expensive due to forex charges. However, I have read some articles suggesting that initially, rates might be higher in some countries, but later NPCI and central banks will work on it, and they will be reduced. Normally, central banks sign pacts for 5 years, and after that, every 5 years, central banks decide the currency conversion rates again.

Keep in mind that just like ZERO forex cards are available on some selected bank cards, nowadays, some banks RuPay cards also come with ZERO forex rates. Similarly, some banks might start offering zero forex charges on UPI as well. This would make UPI payments even cheaper in countries where the conversion rate is already low.