New Delhi: PhonePe announced on Wednesday that its users can now utilize UPI payments in Singapore through a collaboration with The Singapore Tourism Board. This agreement leverages the existing UPI linkage between India and Singapore, enabling customers to conduct cross-border transactions instantly between the two countries directly from their Indian bank accounts.
“In a two-year strategic partnership, Singapore Tourism Board (STB) and PhonePe will promote UPI payments for Indian visitors in Singapore,” stated PhonePe, a decacorn, referring to privately-held companies valued at over USD 10 billion. As part of this collaboration, STB and PhonePe will invest in joint marketing efforts across India and Singapore to promote seamless UPI experiences at key tourism destinations.
Melissa Ow, CEO of STB, expressed, “This partnership showcases our commitment to enhancing the Singapore visitor experience for discerning, tech-savvy consumers.”
Through this partnership, Indian travelers can utilize the PhonePe app for instant, seamless, and secure payments at over 8,000 merchants in Singapore, enhancing their experience in the city-state.
Ritesh Pai, CEO of PhonePe International Business, stated, “Partnering with STB will streamline transactions for PhonePe users, who can now pay directly from their existing bank account by scanning a QR code when visiting the island city.”
PhonePe currently processes over 230 million daily transactions with an annualized Total Payment Value (TPV) exceeding USD 1.5 trillion.