FinTech news in UPI category

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. PhonePe’s step is also in line with the vision of NPCI, the body that oversees the UPI payments, which believes that within this year Indians in many foreign cities including Dubai will not need to use any other payment method, according to one of the fintech execs. Bengaluru-headquartered fintech giant PhonePe said on Tuesday that it extending support for UPI international payments in the UAE, Singapore, Mauritius, Nepal and Bhutan. 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.

Bengaluru-headquartered Slice, which became a unicorn late last year, plans to introduce UPI payments for its users within weeks, according to a source familiar with the matter. National Payments Corporation of India, the governing body that oversees UPI ecosystem, is also working to push new changes that are positioned to create a level-field among UPI players.