PhonePe, which has the most market share by the number of UPI transactions, now supports international payments through which Indians travelling abroad can pay foreign merchants using UPI. This makes it the first fintech platform in the country to have such a facility.
The transactions would work just as they would with an international debit card, and the foreign currency will be deducted from the user’s bank account.
According to the company, all international merchant outlets in the UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR code are supported.
Follow up to this, there was another announcement by RBI today
Significant move in 15 days. Things are moving quickly.
What about forex rates… how will this affect markup% lot of CC give a 2% markup on all forex transactions
while travel CC bring this down to 0.5-1.5%
The Ken raised the similar issues in its podcast