Payments giant UPI TelephonePe announced today that it has partnered with Liquid Group, a financial technology Leader in digital cross-border payment solutions, will expand its merchant acceptance network in Singapore.
The partnership will enable travelers to conveniently scan and pay using their PhonePe app at Liquid Group’s extensive retail base in Singapore, a popular tourist destination for Indian visitors.
QR code availability
According to the company’s statement, QR codes will be widely available at tourist locations including Changi Airport, duty-free shops, restaurants, bars, retailers such as The Cocoa Trees, Charles & Keith, Luvenus Jewellery, Hard Rock Café, tourist spots and transportation services.
The collaboration is facilitated through Liquid Group’s partnership with NPCI International Payments Limited (NIPL).
Through this partnership, Liquid Group has enabled its merchants to accept UPI as a payment method, making it convenient for Indian travelers to use their preferred UPI app for transactions.
How to make payments?
To make payments at merchant establishments, PhonePe users simply need to scan the QR code generated/displayed by merchants. Transactions will be processed in Indian Rupees (INR), ensuring both transparency and ease of use.
In addition to making payments to Liquid Group merchants during the trip to Singapore:
- PhonePe users can receive international remittances via UPI using the real-time remittance corridor PayNow-UPI. This process is simplified and streamlined by leveraging the UPI infrastructure, eliminating the need for customers to share details such as bank account numbers and IFSC codes.
- Non-Resident Indians (NRIs) based in Singapore can also link their NRE/NRO bank accounts and make payments for various services for use cases in India such as utility bill payments, fund transfers to their friends and family in India, and payments to e-commerce merchants or brick-and-mortar retailers.
The above-mentioned capabilities were rolled out as part of PhonePe’s enablement of UPI-based features for international use cases in early 2024 and have seen a positive uptick in the past few months.
Comments from the leaders
Speaking about the partnership, Ritesh Pai, CEO, International Payments, PhonePe, said, “We are delighted to partner with Liquid Group to bring the convenience of UPI payments to Indian travellers visiting Singapore. This popular destination is a favourite among Indian tourists and we are excited to give them the ability to pay quickly and easily at their favourite food, shopping and sightseeing spots, making their travel experience even more enjoyable.”
Alvin Seck, Chief Commercial Officer, Liquid Group, said, “We are excited to join forces with PhonePe to enhance the payment experience for Indian travelers in Singapore. By integrating UPI into our extensive merchant network, we are not only simplifying transactions but also reinforcing our commitment to providing seamless cross-border payment solutions. This partnership perfectly aligns with our goal of making global payments more accessible and efficient for both consumers and businesses.”
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