New Delhi: Fintech agency PhonePe on Wednesday stated its customers can now make funds by means of UPI in Singapore underneath a pact signed by the corporate with The Singapore Tourism Board. The collaboration has been constructed upon the prevailing Unified Payments Interface (UPI) linkage between India and Singapore, which permits prospects to immediately make cross-border transactions between the 2 international locations immediately from their current Indian financial institution accounts.

“Singapore Tourism Board (STB) and PhonePe enter a two-year strategic partnership to promote UPI payments for Indian visitors in Singapore,” PhonePe, a decacorn, stated in an announcement. (Also Read: ‘You Give More Money To Govt Than Spend On Yourself’: Social Media Post On Income Tax Concerns Goes Viral)

Privately-held firms with a valuation of over USD 10 billion are termed decacorn. As a part of the partnership, STB and PhonePe will put money into joint advertising efforts throughout India and Singapore, to advertise seamless UPI experiences throughout key tourism hotspots. (Also Read: High-Security Alert For Apple Users! CERT-In Asked To Deploy Immediate Measures)

“This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers,” STB Chief Executive Officer Melissa Ow stated.

Under the collaboration, Indian travellers can now use the PhonePe app for fast, seamless, and safe funds throughout over 8,000 retailers in Singapore, enhancing their expertise within the island metropolis.

“Partnering with STB will facilitate ease of transactions for PhonePe users who now can just pay directly from their existing bank account by scanning a QR code when visiting the island city,” Ritesh Pai, Chief Executive Officer, PhonePe, International Business for PhonePe Private Limited, stated.

PhonePe additionally processes over 230 million day by day transactions with an annualised Total Payment Value (TPV) of greater than USD 1.5 trillion.