PhonePe taps crossborder UPI payments in revenue push

News Summary

  • UPI international is on the current NPCI’s roadmap.Onboarding merchants to accept the UPI payments in the foreign markets will be a key test for India’s NPCI, because without merchants, users on PhonePe and other Indian UPI payments apps won’t be able to make any payments.
  • In India, while the UPI QRs are ubiquitous, the same is not necessarily the case elsewhere.It’s not the first time a mobile payments app has pushed to serve its home users in international markets.
  • Ideally, the acquiring side UPI players will need to partner with local payments processor or aggregators that can extend support for UPI at scale among the local merchants.
  • But even for the Chinese players, merchant acceptance has been the key growth challenge overseas.PhonePe is the most valuable fintech startup in India.
  • Valued at $12 billion, the startup clocked a revenue of $234.3 million in the first nine months of 2022.
  • PhonePe has always prided itself in being the first TPAP to take new UPI features to the market, and this time is no different.
Indians traveling to many foreign markets including the UAE and Singapore may soon be able to use the popular UPI payments to make purchases when they land there.Bengaluruheadquartered fintech gia [+2841 chars]