Singapore Tourism Board (STB) and PhonePe enter a two-year strategic partnership to promote UPI payments for Indian visitors in Singapore

National, April 3rd, 2024: The Singapore Tourism Board (STB) and PhonePe have entered a two-year Memorandum of Understanding (MoU). At a signing ceremony held on the morning of Wednesday, April 3rd, STB’s Chief Executive, Melissa Ow, and Ritesh Pai, Chief Executive Officer,  International Payments Business for PhonePe , formally signed the MoU. This collaboration builds upon the existing Unified Payments Interface (UPI) linkage between India and Singapore, which allows customers to instantly make cross border transaction between the two countries directly from their existing Indian bank accounts. 

As part of the partnership, STB and PhonePe will invest in joint marketing efforts across India and Singapore, to promote the destination’s vibrant offerings and seamless UPI experiences across key tourism hotspots. 

This strategic milestone – the first of its kind between a destination and a UPI payments platform – underscores the shared commitment of STB and PhonePe to add value to the overall experience of travellers exploring the vibrant city of Singapore by making it possible for them to use familiar services like UPI payments during their stay. As one of the most vibrant urban destinations in the region, Singapore is well known for its iconic landmarks and rich heritage precincts, each with its own charm. With a host of extraordinary retail, culinary, and adventure hot spots that await every traveller, this move will further unlock seamless exploration of Singapore’s diverse attractions and offerings that has attracted Indian travellers. 

Melissa Ow, Chief Executive, Singapore Tourism Board, said: “We are excited to announce our alliance with PhonePe, a leading Fintech player in India. This partnership exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers. By seamlessly integrating Singapore’s exceptional offerings into the digital realm, our goal is to streamline payments across the traveller’s experience and promote curated deals, from attractions and retail to dining and nightlife. This initiative reflects STB’s commitment to innovation and customer-centricity in the travel industry.”

Ritesh Pai, Chief Executive Officer, PhonePe, International Business for PhonePe Private Limited, said: “Singapore is a dynamic destination with unique offerings that are well appreciated and celebrated among Indian travellers. 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.”

About the Singapore Tourism Board

The Singapore Tourism Board (STB) is the lead development agency for tourism, one of Singapore’s key economic sectors. Together with industry partners and the community, we shape a dynamic Singapore tourism landscape. We bring the Passion Made Possible brand to life by differentiating Singapore as a vibrant destination that inspires people to share and deepen their passions.

More: www.stb.gov.sg or www.visitsingapore.com

Follow us: STB LinkedIn, STB Facebook or STB Instagram

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 7 years, the company has scaled rapidly to become India’s leading consumer payments app with 520+ million registered users and a digital payments acceptance network of 38 million merchants. PhonePe also processes 230+ 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.

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