Singapore Tourism Board Teams Up with PhonePe, a partnership that aims to enhance the payment experience for visitors from India in Singapore, leveraging PhonePe’s extensive network and UPI technology.
The Singapore Tourism Board (STB) has teamed up with fintech giant PhonePe in a landmark two-year strategic collaboration aimed at enhancing Unified Payments Interface (UPI) transactions for Indian tourists visiting Singapore.
Under the partnership, Indian travelers can now seamlessly utilize the PhonePe app at over 8,000 merchants across Singapore, marking a significant step towards facilitating digital payments for visitors from India.
The partnership, formalized through a Memorandum of Understanding (MoU) signed on April 3, sees Melissa Ow, CEO of STB, and Ritesh Pai, CEO of PhonePe’s International Payments Business, join forces to promote the adoption of UPI payments among Indian tourists.
This collaboration leverages the existing connectivity between India and Singapore through UPI, enabling travelers to conduct cross-border transactions directly from their Indian bank accounts. It underscores a concerted effort to enhance the payment experience for Indian visitors and promote seamless financial transactions during their stay in Singapore.
Both STB and PhonePe have committed to investing in joint marketing efforts across India and Singapore to raise awareness and drive uptake of UPI payments among Indian tourists, thereby enhancing their overall experience during their visit to Singapore.
PhonePe, a subsidiary of Walmart, boasts a massive user base exceeding 520 million and an extensive network of over 38 million merchants for digital payment acceptance. With a staggering 230 million daily transactions and an annualized Total Payment Value (TPV) surpassing $1.5 trillion, PhonePe has emerged as a leading fintech player since its inception in 2016.
The introduction of support for cross-border UPI payments under UPI International in February 2023 further underscores PhonePe’s commitment to facilitating seamless transactions for users, enabling them to conduct transactions in foreign currencies directly from their bank accounts.
The partnership between STB and PhonePe underscores the growing significance of digital payments in the travel and tourism sector, particularly amidst efforts to promote safe and convenient payment solutions for international travelers. By harnessing the power of UPI, both organizations aim to elevate the payment experience for Indian tourists in Singapore and drive greater financial inclusion and convenience for visitors from India.
This collaboration reflects a broader trend towards digital transformation and innovation in the travel and tourism industry, signaling a shift towards seamless and integrated payment solutions that cater to the evolving needs of travelers in the digital age.
