The wait is over now. Now you will be able to pay using PhonePe in a few foreign countries, as they have launched the international UPI payment system.
As per the PhonePe statement, users will be able to pay foreign merchants directly from their Indian bank account using the PhonePe international UPI system. As of now, it will be available in 5 foreign countries, as per below
PhonePe is launching the feature to use UPI payments internationally for the first time in India, and a few more digital payments will follow to launch the same feature in the coming months.
Currently, Indians traveling outside of India are using forex cards, debit or credit cards, and foreign currency notes. But with the UPI International Payment System, it will be much easier for users to make transactions in foreign countries.
PhonePe covers the highest percentage of India’s UPI transactions, however, it has to increase its merchants in foreign countries too. PhonePe, a digital payment company, is now increasing its business in the forex market, which will eventually increase its profit in the coming years.
NPCI (National Payments Corporation of India) in collaboration with RBI launched the UPI in 2016. Now, NPCI, in collaboration with NIPL (NPCI International Payments Limited), is planning to expand the UPI setup to multiple foreign countries. This will ease cross-border transactions in the coming days.