International trips mean the headache of making payments in foreign countries. But not now because PhonePe has brought exciting news for all users. You would be able to pay foreign merchants using UPI. PhonePe has become the first fintech company to enable international UPI transactions.
But the question arises how it will work?
Whenever you make a transaction using a QR Code, foreign currency will be deducted from the bank account.
This does not enable you to do online transactions in all international countries but by now it has only been enabled for UAE, Singapore, Mauritius, Nepal, and Bhutan. And with the passing days, it will be rolled out for other countries too. It will encourage travelers to travel abroad without any dependency on Forex and Credit cards. For this users will have to activate their bank account on the app. This can be either done before traveling or after in a foreign country.
PhonePe has the highest share in UPI transactions and this step is no doubt going to add another advantage for the users. The market’s 96.4 % of UPI payments are made using PhonePe, Google Pay, Paytm, and CRED Pay according to the data released by the National Payments Corporation of India (NPCI) for the month of December last year. PhonePe constitutes 49% share of UPI transaction which is the highest among all and Google Play constitute 34%.
