Now that PhonePe, an Indian fintech platform, supports international payments, making payments has been made a little bit easier. It is the first fintech in India to implement this functionality, and it has the most UPI transactions to its name.
All users who travel abroad may now use their UPI to make payments to merchants abroad. In the past, people used foreign credit or currency cards for purchases. However, with PhonePe's most recent addition, whenever a customer makes an international payment, money is deducted in foreign currency from their Indian bank account.
Currently, the new function includes nations including the United Arab Emirates, Singapore, Mauritius, Nepal, and Bhutan. One must activate the UPI International option in the app in order to use this new feature.
Since its founding in December 2015, PhonePe has grown to become India's top payments app. According to data from the National Payments Corporation of India, PhonePe has the largest market share of all UPI transactions in India, accounting for over 49% of the total (UPI).
How will this new feature function?