News Analysis India

Tag: PhonePe

  • PhonePe Users Can Now Make Payments Through UPI In Singapore |

    New Delhi: Fintech firm PhonePe on Wednesday said its users can now make payments through UPI in Singapore under a pact signed by the company with The Singapore Tourism Board. The collaboration has been built upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, which allows customers to instantly make cross-border transactions between the two countries directly from their existing Indian bank accounts.

    “Singapore Tourism Board (STB) and PhonePe enter a two-year strategic partnership to promote UPI payments for Indian visitors in Singapore,” PhonePe, a decacorn, said in a statement. (Also Read: ‘You Give More Money To Govt Than Spend On Yourself’: Social Media Post On Income Tax Concerns Goes Viral)

    Privately-held companies with a valuation of over USD 10 billion are termed decacorn. As part of the partnership, STB and PhonePe will invest in joint marketing efforts across India and Singapore, to promote seamless UPI experiences across key tourism hotspots. (Also Read: High-Security Alert For Apple Users! CERT-In Asked To Deploy Immediate Measures)

    “This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers,” STB Chief Executive Officer Melissa Ow said.

    Under the collaboration, Indian travellers can now use the PhonePe app for instant, seamless, and secure payments across over 8,000 merchants in Singapore, enhancing their experience in the island city.

    “Partnering with STB will facilitate ease of transactions for PhonePe users who now can just pay directly from their existing bank account by scanning a QR code when visiting the island city,” Ritesh Pai, Chief Executive Officer, PhonePe, International Business for PhonePe Private Limited, said.

    PhonePe also processes over 230 million daily transactions with an annualised Total Payment Value (TPV) of more than USD 1.5 trillion.

  • PhonePe Launches UPI Payments For Users In UAE; Check Details Here |

    New Delhi: PhonePe, a leading digital payment service in India has recently made an announcement regarding its expansion into international markets. Now, travelers heading to the United Arab Emirates (UAE) can conveniently make payments using PhonePe’s platform. Phonpe has partnered with Mashreq Bank to enable individuals traveling to the Middle East to conduct UPI transactions using Neopay terminals situated at various locations.

    Ritesh Pai, who serves as the CEO for International Payments at PhonePe, stated, “With this partnership, customers can now conveniently transact through UPI, a payment method they are familiar with. Enabling digital payments not only reflects PhonePe’s commitment to convenience but also embraces the evolving needs of today’s travellers.”

    NEOPAY Terminals are currently accessible at retail shops, restaurants, and various tourist spots and entertainment venues. This cooperation is made possible through Mashreq’s collaboration with NPCI International Payments Limited (NIPL), wherein Mashreq has authorized NEOPAY Terminals to accept UPI apps as a method of payment.

    To complete the payment, an individual only needs to scan the QR code and input the desired amount. The deduction from the account will be in Indian rupees, with the currency exchange rate clearly displayed, as per the statement.

    Furthermore, this service is accessible to Non-Resident Indians (NRIs) who possess UAE mobile numbers. To make payments, they must download the PhonePe app and connect their existing NRE and NRO accounts to enable transactions.

    PhonePe also mentioned that in addition to supporting travel and local purchases, the company aims to introduce inward remittance services once the infrastructure for such transactions is established.

  • PhonePe Unveils Celebrity Voice Feature On SmartSpeakers With Mammooty, Kichcha Sudeep, And Mahesh Babu |

    New Delhi: Amidst technological progress, Fintech firm PhonePe made a significant announcement on Monday, February 26th. They introduced a pioneering celebrity voice feature in collaboration with renowned Indian actors Mammooty, Kichcha Sudeep, and Mahesh Babu. This innovative feature, a first of its kind, is set to enhance user experience across regions such as Kerala, Karnataka, Andhra Pradesh, and Telangana.

    This latest feature enables PhonePe SmartSpeakers to authenticate customer payments using the voice of local celebrities in their respective regions. It is accessible throughout India in both English and the regional languages of Malayalam, Kannada, and Telugu. (Also Read: MWC 2024: Xiaomi Watch 2, Watch S3, Smart Band 8 Pro Launched Globally; Check Price, Specs And Other Features)

    Unveiling the multi-celeb voice feature on #PhonePe SmartSpeaker!

    Merchants nationwide can now enjoy payment alerts in Telugu, Malayalam, Kannada, Hindi & English, voiced by the iconic @urstrulyMahesh @mammukka @KicchaSudeep & @SrBachchan

    Experience it at a store near you!… pic.twitter.com/PmaP5iEQ40
    — PhonePe (@PhonePe) February 26, 2024

    Previously, PhonePe introduced the celebrity voice feature on its SmartSpeakers in partnership with the legendary Indian actor, Shri. Amitabh Bachchan which is available in both Hindi and English languages. (Also Read: OnePlus Watch 2 With Up To 100 Hours Battery Life Launched In India; Check Price, Sensors And Other Specs)

    Since its launch a year ago, the PhonePe SmartSpeaker has seen over 4.8 million devices deployed by merchant partners, covering 90% of postal codes nationwide. Incorporating celebrity voices from diverse regions aims to enhance the interactive payment experience for both customers and merchants.

    Yuvraj Singh Shekhawat, who holds the position of Chief Business Officer for the Merchant Business division at PhonePe, stated that, “Our extensive network of over 3.8+ crore merchants is spread across different regions in India, each with its unique linguistic needs for payment validation.

    Through partnerships with various renowned celebrities, we are adapting and tailoring our services to meet such distinct needs of our merchants in a creative way. This ensures the efficient use of our devices while also boosting the appeal of the PhonePe SmartSpeaker among both merchants and customers.”

    Here’s a simplified step-by-step guide for merchants to enable this feature: 

    1. Start by opening the PhonePe for Business App.

    2. Navigate to the SmartSpeaker section on the app’s home screen.

    3. Look for ‘My SmartSpeaker’ and tap on ‘SmartSpeaker Voice’.

    4. Select the celebrity voice you prefer in your chosen language.

    5. Once you’ve made your choice, hit ‘Confirm’ to activate the voice.

    6. Your device will then restart with the updated language featuring the selected celebrity’s voice within a few hours.

    The introduction of the celebrity voice feature on PhonePe’s SmartSpeakers marks a significant advancement in user interaction and customization within the fintech industry. 

  • RBI imposes fine of 5.78 crore on 6 entities including PNB, PhonePe

    The Reserve Bank of India has imposed a fine of Rs 5.78 crore on 6 companies including PNB, Sodexo and PhonePe for violation of regulatory guidelines. Under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has imposed a penalty on these units for not complying with the regulatory guidelines. Except Punjab National Bank, the remaining five are non-bank prepaid payment product issuing units.

    PPI is used for the purchase of goods and services, as well as for the payment of money to friends, relatives, etc. RBI has fined Sodexo SVC India Private Limited, Muthoot Vehicle and Asset Finance Limited, Quick Silvers Solutions Private Limited, PhonePay Private Limited, Delhi Metro Rail Corporation Limited and Punjab National Bank.

    Sodexo has been fined Rs 2 crore, while PNB and Quick Silver Solutions were fined Rs 1 crore each. At the same time, a penalty of Rs 1.39 crore has been imposed on PhonePe and Rs 34.55 lakh on Muthoot Vehicle and Asset Finance and Rs 5 lakh on Delhi Metro Rail Corporation.