No more dirhams only, you can now transact in rupees in UAE
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Dubai: Visiting Indians and expatriates in the UAE can now on transact in Indian rupees through PhonePay.
PhonePay has partnered with Dubai-based Mashreq Bank to set up this facility. In order to make this possible, PhonePay’s Unified Payments Interface (UPI) has been extended to the UAE as well, the company said.
Alongside, transactions can be done through Neopay counters of Mashreq in various places. Charges will be made in Indian Rupees after displaying the currency exchange rate.
In order to avail the facility, you should choose UPI International option in PhonePay app and afterwards for international payments, choose the bank account you want to use. Then enter the UPI PIN to use this facility. Expatriates in UAE can use this facility on their mobile number itself.
Payment can be made using the PhonePay app by scanning QR codes at retail outlets, other business establishments, restaurants and tourist places. Aiming at expanding transactions, the NeoPay system has been made available at various establishments across the country. Customers can also ensure transparency as the currency exchange rate is shown before the transaction.
Mashreq Bank and National Payment Corporation of India’s International Payments Limited (NIPL), which manages UPI transactions in India, had entered in an agreement in this regard in 2021.
Based on this agreement, Mashreq Bank's payment terminals can be used for UPI transactions. Expatriates, using UAE mobile numbers, can install and use PhonePay.
