The Singapore Tourism Board (STB) and PhonePe have officially entered a two-year Memorandum of Understanding (MoU). At a formal signing event, Melissa Ow, CEO of STB, and Ritesh Pai, CEO of PhonePe's International Payments Business, formally signed the MoU.
This partnership expands on the established connection through the Unified Payments Interface (UPI) between India and Singapore, enabling individuals to conduct cross-border transactions instantly from their Indian bank accounts. Under this collaboration, STB and PhonePe will jointly invest in marketing initiatives spanning both India and Singapore to highlight the destination's vibrant attractions and the smooth UPI experiences available at key tourism spots.
This significant achievement marks a pioneering collaboration between a destination and a UPI payments platform, emphasizing the mutual dedication of STB and PhonePe to enhance the overall experience for travelers discovering the dynamic city of Singapore. This partnership enables travelers to utilize familiar services such as UPI payments seamlessly throughout their visit, adding value to their journey.
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 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".