In a groundbreaking move, PhonePe, the fintech titan, announced on Wednesday an expansion of its services, enabling users to execute transactions via UPI in Singapore. This development stems from a strategic alliance forged with The Singapore Tourism Board (STB), leveraging the extant Unified Payments Interface (UPI) connectivity between India and Singapore. This innovative conduit empowers customers to conduct instantaneous cross-border financial exchanges between the two nations, drawing from their extant Indian banking structures.
“PhonePe and the Singapore Tourism Board (STB) have embarked on a two-year alliance to champion UPI transactions for Indian travelers in Singapore,” the decacorn, PhonePe, articulated in an official communiqué. The epithet ‘decacorn’ designates privately held entities with a staggering valuation exceeding USD 10 billion.
Within the framework of this collaboration, both STB and PhonePe are poised to channel investments into collaborative marketing ventures spanning India and Singapore, spotlighting frictionless UPI interactions at pivotal tourist destinations.
“This synergistic alliance underscores our unwavering commitment to enriching the Singaporean sojourn for discerning and technologically astute patrons,” elucidated Melissa Ow, the Chief Executive Officer of STB.
In light of this alliance, Indian voyagers are now endowed with the capability to leverage the PhonePe application for prompt, fluid, and fortified transactions across an expansive network of over 8,000 vendors in Singapore, thereby amplifying their sojourn in the insular metropolis.
“Collaborating with STB will streamline transactional processes for PhonePe’s user base, facilitating direct payments via their pre-existing banking frameworks through the simple act of scanning a QR code upon their arrival in the urban oasis,” affirmed Ritesh Pai, the Chief Executive Officer overseeing PhonePe’s International Business division.
Moreover, PhonePe boasts an impressive operational scale, processing over 230 million transactions daily, culminating in an annualized Total Payment Value (TPV) that eclipses USD 1.5 trillion. With PhonePe’s expansion of services to enable UPI transactions in Singapore, Indian travelers now have unprecedented convenience and security when conducting financial exchanges abroad.
