STB & PhonePe Ink 2-year Deal To Promote UPI Payments

EE News Desk Apr 04, 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 3 April, 2024, STB's Chief Executive, Melissa Ow, and Ritesh Pai, Chief Executive Officer, International Payments Business, 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 transactions 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 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 urban destinations in the region, Singapore is well known for its landmarks and heritage precincts, each with its charm. With a host of retail, culinary, and adventure hot spots that await every traveller, this move will further unlock the seamless exploration of Singapore's diverse attractions and offerings that have attracted Indian travellers.

Ow 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.”

Pai pointed out, “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.”