PhonePe Broadens UPI Payments to Singapore in Collaboration with STB
PhonePe, a well-known fintech company, has announced a substantial expansion of its services, allowing customers to make payments using the Unified Payments Interface (UPI) in Singapore. This development is part of PhonePe’s strategic cooperation with the Singapore Tourism Board (STB), which aims to improve the payment experience for Indian visitors in Singapore.
The collaboration leverages the existing UPI linkage between India and Singapore, allowing customers to conduct cross-border transactions directly from their Indian bank accounts. This initiative facilitates convenient payments and contributes to the promotion of digital transactions and tourism between the two countries.
In a bid to promote UPI payments among Indian tourists, PhonePe and STB have entered into a two-year strategic partnership. This alliance signifies a commitment to innovation and customer-centric solutions, aiming to elevate the overall visitor experience in Singapore.
As part of the partnership, STB and PhonePe will collaborate on joint marketing initiatives across India and Singapore. These efforts will focus on raising awareness about the seamless UPI payment experience and encouraging its adoption among Indian travelers, thus fostering stronger ties between the two nations.
With the integration of PhonePe’s UPI payment services, Indian travelers can now enjoy instant, secure, and hassle-free payments across a vast network of over 8,000 merchants in Singapore. This initiative aims to enhance the tourism experience by offering greater convenience and flexibility in payment options.
Through the partnership with STB, PhonePe users can conveniently make payments directly from their existing bank accounts by scanning a QR code, eliminating the need for cash transactions or currency conversion. This seamless payment solution aligns with the evolving preferences of tech-savvy consumers and enhances the ease of transactions during their visits to Singapore.
PhonePe’s expansion into the Singapore market signifies its commitment to innovation and unlocks new growth opportunities for the company. By tapping into the thriving tourism sector and catering to the needs of Indian travelers, PhonePe aims to solidify its position as a leading player in the fintech ecosystem.
With over 230 million daily transactions and a staggering annualized Total Payment Value (TPV) exceeding USD 1.5 trillion, PhonePe continues to drive digital transformation and financial inclusion globally. The expansion of its UPI payment services to Singapore further reinforces its mission to empower users with seamless and secure digital payment solutions.
The collaboration between PhonePe and STB is a huge step forward in digital payments, bridging the gap between India and Singapore and promoting greater financial connectedness. As both countries embrace digital innovation, projects like this open the door for better customer experiences, economic growth, and bilateral connections.
