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Phonepe becomes India’s first cross- border UPI payment initiative

Published on February 08, 2023
Current context: PhonePe has become India's first fintech platform to enable cross-border payments using the Unified Payments Interface (UPI).
Phonepe becomes India’s first cross- border UPI payment initiative
  • This feature, called "UPI international", allows Indian users of PhonePe to make instant payments to foreign merchants using UPI when they are travelling abroad.
  • The feature is intended to make transactions safe and simple for millions of Indian travellers. It currently supports international merchants with a local QR code in UAE, Singapore, Mauritius, Nepal, and Bhutan.
  • PhonePe users can activate their UPI-linked bank account for the service at the merchant's location or before travelling by using the PhonePe app and entering their UPI pin.
  • This feature allows direct foreign currency payments from an Indian bank account using UPI, similar to international debit cards.
  • The National Payments Corporation of India (NPCI), in partnership with NPCI International Payments Limited (NIPL), plans to expand UPI International to more countries in 2023.
  • PhonePe, India's most valued fintech player, has 435 million registered users and recently secured USD 350 million in funding.
PhonePe:-
  • Founder & CEO – Sameer Nigam
  • Founded – 2015
  • Headquarters – Bengaluru, Karnataka

Question: 

Q.1 Which company launched India’s first cross-border UPI payment initiative?
a. Paytm
b. PhonePe
c. Google pay
d. Mobikwik
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