Dubai, UAE — Mashreq, a leading financial institution in the MENA region, has joined forces with NPCI International Payments Ltd. (NIPL) to introduce a groundbreaking payment solution for Indian tourists in the UAE. Through their partnership, UPI-enabled apps like PhonePe can now be seamlessly integrated with Mashreq’s NEOPAY terminals, offering enhanced payment convenience across various merchant locations in the UAE.

Indian travelers visiting the UAE, as well as NRIs with Indian bank accounts, can now leverage their preferred UPI-enabled app, such as PhonePe, to make payments at NEOPAY terminals. Strategically located across retail stores, dining outlets, tourist attractions, and leisure destinations, these terminals generate QR codes for swift and hassle-free transactions. Powered by UPI, developed by the National Payment Corporation of India (NPCI), these transactions are processed in Indian Rupees (INR), ensuring transparency and convenience for Indian tourists.

Vibhor Mundhada, CEO of NEOPAY at Mashreq, expressed his enthusiasm about the collaboration, stating, “We are delighted to collaborate with PhonePe to offer yet another new payment solution for Indian tourists and visitors in the UAE, helping further cement the already strong financial relations between the two countries. This latest launch underscores our commitment to incorporating innovation and technology into our operations.”

Ritesh Pai, CEO International Payments at PhonePe, emphasized the significance of the partnership in enhancing payment experiences for Indian travelers. He said, “With this partnership, customers can now conveniently transact through UPI, a payment method they are familiar with. Enabling digital payments not only reflects PhonePe’s commitment to convenience but also embraces the evolving needs of today’s travelers. This collaboration opens doors to seamless transactions, ensuring a smoother and more enjoyable journey for visitors.”

Anubhav Sharma, Deputy Chief – Partnership Business Development & Marketing, NIPL, highlighted the objective of fostering collaborations to deliver convenient cross-border payment solutions. He stated, “This partnership encourages fintech collaboration and unifies the ecosystem to streamline payment processes for Indian travelers to UAE.”

With PhonePe boasting over 515 million registered users, this collaboration is poised to simplify payment transactions for Indian visitors in the UAE, strengthening the financial ties between the two nations. Given that Indian tourists are among the top visitors to the Gulf country, with 2.46 million tourists having visited Dubai in 2023, this partnership is expected to significantly enhance payment convenience and facilitate a seamless travel experience.