PhonePe today announced that it has partnered with the Liquid Group, a fintech leader in digital cross-border payment solutions, to expand its merchant acceptance network in Singapore. This collaboration will allow travellers to conveniently scan and pay using their PhonePe app at Liquid Group’s extensive merchant base in Singapore, a popular travel destination for Indian visitors.
These QR codes will be widely available at tourist-centric locations, including Changi Airport, duty-free shops, restaurants, bars, retailers like The Cocoa Trees, Charles & Keith, Luvenus Jewellery, Hard Rock café, etc. sightseeing spots, and transportation services. This collaboration is facilitated through Liquid Group’s partnership with NPCI International Payments Limited (NIPL). Through this partnership, Liquid Group has enabled its merchants to accept UPI as a payment method, making it convenient for Indian travellers to use their preferred UPI App for transactions. To make payments at merchant outlets, PhonePe users simply need to scan the QR code generated/displayed by the merchants. Transactions will be processed in Indian Rupees (INR), ensuring both transparency and ease of use.
In addition to making payments to the Liquid group merchants during travel to Singapore:
- PhonePe users can receive international remittances through UPI via the PayNow-UPI real-time remittance corridor. This simplifies and fastens the process of transferring money by leveraging the UPI infrastructure, thereby eliminating the need for the customers to share details such as bank account numbers and IFSC codes.
- Singapore based Non-resident Indians (NRIs) can also link their NRE/NRO bank accounts and make payments for various services for use cases in India such as utility bill payments, transferring funds to their friends and families in India and merchant payments on ecommerce or physical merchants.
The above capabilities were rolled out as part of PhonePe’s enablement of UPI based features for international use cases earlier in 2024 and have seen positive uptick in the last few months.
Speaking on the partnership, Ritesh Pai, CEO of International Payments at PhonePe said, “We’re thrilled to partner with Liquid Group to bring the convenience of UPI payments to Indian travelers visiting Singapore. This popular destination is a favorite among Indian tourists, and we’re excited to empower them to pay quickly and easily at their favorite food, shopping, and sightseeing spots making their travel experience even more enjoyable.”
Alvin Seck, CCO of Liquid Group said, “We are excited to join forces with PhonePe to enhance the payment experience for Indian travellers in Singapore. By integrating UPI into our extensive merchant network, we are not only simplifying transactions but also reinforcing our commitment to providing seamless, cross-border payment solutions. This partnership aligns perfectly with our goal of making global payments more accessible and efficient for consumers and businesses alike.”
About PhonePe Group:
PhonePe Group is India’s leading fintech company. Its flagship product, the PhonePe digital payments app, was launched in Aug 2016. In just 8 years, the company has scaled rapidly to become India’s leading consumer payments app with 560+ million registered users and a digital payments acceptance network of 40+ million merchants. PhonePe also processes over 280+ million daily transactions with an annualized Total Payment Value (TPV) of USD 1.5+ Trillion.
On the back of its leadership in digital payments, PhonePe Group has expanded into financial services (Insurance, Lending, Wealth) as well as new consumer tech businesses (Pincode – hyperlocal e-commerce and Indus App Store – India’s first localized App Store). PhonePe Group is an India headquartered technology company with a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.
For more details: media@phonepe.com
About Liquid Group
Liquid Group is a leading fintech headquartered in Singapore, specialising in global digital payment solutions with a mission to make cross-border payments more affordable, transparent, and efficient for businesses and individuals.
Liquid Group operates an advanced interoperable digital QR payment network, enabling seamless acceptance of multiple local and international mobile payment apps and digital wallets across multiple merchant acquirers in the Asia-Pacific region.
As a Major Payment Institution (MPI) regulated by the Monetary Authority of Singapore (MAS), Liquid Group is authorised to conduct account and e-money issuance, merchant acquisition, as well as domestic and cross-border money transfers. Additionally, Liquid Group is a proud member of Singapore’s PayNow and participant in the FAST network.
