Fintech platform PhonePe and the Singapore Tourism Board (STB) have entered into a two-year Memorandum of Understanding (MoU). This collaboration aims to build upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, which allows customers to instantly make cross-border transactions between the two countries directly from their existing Indian bank accounts.
As part of the partnership, STB and PhonePe will invest in joint marketing efforts across India and Singapore to promote UPI experiences across key tourism hotspots.
Melissa Ow, Chief Executive, Singapore Tourism Board, said: "This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers. By seamlessly integrating Singapore's exceptional offerings into the digital realm, our goal is to streamline payments across the traveller’s experience and promote curated deals, from attractions and retail to dining and nightlife.”
Ritesh Pai, Chief Executive Officer, PhonePe, International Business for PhonePe Private Limited, said: “Singapore is a dynamic destination with unique offerings that are well appreciated and celebrated among Indian travellers. Partnering with STB will facilitate ease of transactions for PhonePe users, who can now just pay directly from their existing bank account by scanning a QR code when visiting the island city.”
PhonePe crossed 230 million daily transactions with an annualised Total Payment Value (TPV) that was more than $1.5 trillion. With the intent to go global, PhonePe recently unveiled UPI payments in the UAE. This collaboration was facilitated through Mashreq Bank’s (a major bank in the UAE) partnership with NPCI International Payments Limited (NIPL).
Under the collaboration, Indian citizens visiting or working in the UAE can use the PhonePe app for seamless transactions. UAE, Singapore, Nepal, Bhutan, and Mauritius are some of the countries where UPI transactions can be made via PhonePe.
