folder Filed in Fintech
PhonePe & PickMe: Seamless Payments for Indian Travellers
event June 11, 2024 access_time 4 min read

PhonePe, a leading digital payments platform in India, has recently joined hands with PickMe, the largest ride-hailing service provider in Sri Lanka.

This partnership aims to offer Indian travelers a convenient and secure way to make online payments for hailing rides while visiting the neighboring country.

By expanding its international presence through this collaboration, PhonePe seeks to cater to the growing number of Indian tourists traveling to Sri Lanka.

The Convenience of UPI Payments:

With the integration of Unified Payments Interface (UPI) into PickMe’s platform, Indian travelers will be able to link their PhonePe accounts and seamlessly make payments for their rides in Sri Lanka.

UPI is a fast and secure payment system developed by the National Payments Corporation of India that allows users to instantly transfer funds between bank accounts using their smartphones.

Why is this Partnership Significant?

  • 1. Enhanced Convenience: Previously, Indian travelers visiting Sri Lanka had limited options when it came to making digital payments for ride-hailing services. They often had to rely on carrying cash or going through complex currency conversion processes. With this partnership, they can now use their trusted PhonePe accounts and enjoy a hassle-free experience while traveling.
  • 2. Increased Safety and Security: Carrying large amounts of cash can be risky while traveling abroad. By adopting digital payment methods like UPI, tourists can avoid potential thefts or loss associated with handling physical money during their visit.
  • 3. Growing Indian Tourist Market: The number of Indians traveling overseas has been steadily increasing over recent years. According to reports by tourism authorities, there has been a significant rise in the number of Indians choosing Sri Lanka as their preferred travel destination due to its proximity and cultural appeal.
  • 4. Expanding PhonePe’s International Presence: As one of India’s leading digital payment platforms, partnering with PickMe allows PhonePe an opportunity not only to tap into the growing market of Indian tourists but also expand its footprint internationally.

PhonePe’s Financial Performance:

While focusing on expanding its services domestically and globally, PhonePe has achieved impressive financial growth over recent years as well; however recording losses alongside revenue gains is noteworthy:

In FY23 (fiscal year 2022-23), PhonePe reported an operating revenue increase by 77% YoY (year-over-year) amounting INR 2,914 Crores ($394 million). This surge indicates an escalating demand for digital payment solutions among users within India and beyond borders.

On the other hand, there was also a recorded loss rise by 39% YoY reaching INR 2,795.3 Crores ($378 million).

Despite these losses being attributed partly due to the company’s aggressive expansion and investment strategies, PhonePe’s commitment to growth and innovation remains unwavering.

Future of Digital Payments for Travelers:

As digital payment solutions continue to evolve and expand globally, partnerships like the one between PhonePe and PickMe demonstrate the potential for making travel experiences more seamless and secure.

By enabling Indian travelers to use their familiar UPI accounts in Sri Lanka, this collaboration sets a precedent for future integrations between countries, fostering greater financial inclusion and convenience for tourists worldwide.

Wrapping Up

The partnership between PhonePe and PickMe signifies a significant step towards enhancing the travel experience for Indian tourists visiting Sri Lanka.

By offering UPI payments through PhonePe accounts, travelers can enjoy a safe, convenient, and cashless way of hailing rides during their stay in the neighboring country.

This collaboration not only reflects the growing demand for digital payment solutions internationally but also highlights PhonePe’s commitment to expanding its global presence while catering to the evolving needs of its users.

As technology continues to the way we transact and travel, such partnerships exemplify how innovative solutions are reshaping traditional practices while creating more seamless experiences for individuals worldwide.

With this latest development in digital payments integration across borders, it is evident that a new era of convenience awaits travelers as they embark on their journeys abroad.

By facilitating secure UPI payments in foreign territories like Sri Lanka, companies like PhonePe are paving the way towards a future where financial transactions know no boundaries – empowering individuals with greater freedom, simplicity, and security as they explore new destinations around the world.

FinTech PhonePe PickMe

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