In a significant stride towards enhancing the travel experience for visitors exploring the dynamic city of Singapore, the Singapore Tourism Board (STB) and PhonePe have solidified a two-year Memorandum of Understanding (MoU). The agreement, formally sealed at a signing ceremony on Wednesday, April 3, saw Melissa Ow, Chief Executive of STB, and Ritesh Pai, Chief Executive Officer of International Payments Business for PhonePe, affirming their commitment to the collaboration.
The collaboration brings a great travel advantage and ease for Indian nationals as it extends the pre-existing Unified Payments Interface (UPI) linkage between India and Singapore, facilitating instant cross-border transactions directly from Indian bank accounts. This seamless integration allows customers to effortlessly conduct transactions between the two countries, harnessing the convenience of their existing Indian bank accounts.
Underpinning this partnership is a joint investment in marketing endeavours across India and Singapore. This concerted effort aims to spotlight the vibrant offerings of Singapore while showcasing the seamless UPI experiences available in key tourism hubs.
This strategic alliance marks a pioneering endeavour, being the first of its kind between a destination and a UPI payments platform. It reflects the mutual dedication of STB and PhonePe towards enhancing the overall travel experience for visitors to Singapore. Speaking on the partnership, Melissa Ow remarked that they are "excited to announce our alliance with PhonePe, a leading Fintech player in India," as the new partnership "exemplifies our dedication to enhancing the Singapore visitor experience for discerning, tech-savvy consumers." By enabling familiar services like UPI payments during their stay, the collaboration seeks to augment the exploration of Singapore's diverse attractions. The integration aims to offer travellers a streamlined payment experience and expose them to "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."
Renowned for its iconic landmarks and rich heritage precincts, Singapore stands as one of the most vibrant urban destinations in the region. Its array of extraordinary retail, culinary, and adventure hotspots has long captivated Indian travellers. With this partnership, the journey to discovering Singapore's myriad offerings becomes even more seamless, promising unparalleled experiences for every traveller. Highlighting his hopes for the utility of the partnership, Ritesh Pai stated that it "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."