PhonePe launches cross-border transaction facility

The Phone Pe app was developed based on Unified Payments Interface. It is now owned by Flipkart (A subsidiary of a US Company called Walmart). The headquarters of Phone Pe is in Bengaluru. The app is available in eleven Indian languages. Recently, Phone Pe launched cross border facility. It is being launched in countries such as Mauritius, Bhutan, Nepal, UAE, and Singapore.

What does this mean?

Indian citizens can now pay to their foreign merchants using Phone Pe. This means can you pay in dollars using Phone Pe? Yes. You can pay in Singapore Dollars or UAE Dirhams using Phone Pe. The main advantage is that you can pay from your bank account directly. You hold money in rupees in your bank accounts. But when you pay foreign merchants, it has to be in their currency. Phone Pe takes care of currency exchanges and charges. You just have to log in and say pay! More countries will be added to the service in the future.

Challenges in cross-border transactions

The Phone Pe cross-border transactions will help consumers beat the following challenges:

Payment fraud, high transfer cost, low transaction speed, compliance, etc. Sometimes, cross-border transactions fail and the amount does not reach the payee on time. Such limitations shall be overcome using Phone Pe.




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