Stories
PhonePe Secures In-Principle Approval for Two UAE Payment Licenses
N
News18•22-09-2026, 12:15
PhonePe Secures In-Principle Approval for Two UAE Payment Licenses
- •PhonePe has received in-principle approval from the Central Bank of the UAE (CBUAE) for two payment licenses, marking its first international regulatory approval.
- •The approvals cover Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF), paving the way for PhonePe's entry into the UAE market.
- •Following final regulatory approval, PhonePe plans to collaborate with regional banks, payment service providers, and local technology companies to support the UAE’s cashless economy.
- •PhonePe aims to explore opportunities to support the UAE’s domestic payment systems, including Aani and Jaywan, leveraging its technology platform that handles high transaction volumes.
- •The company's expansion aligns with the UAE’s Financial Infrastructure Transformation (FIT) programme and broader digital economy agenda, complementing existing financial infrastructure.
Key Questions Answered
PhonePe received in-principle approval from the Central Bank of the UAE for two payment licences covering Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF).
In partnership with NPCI International Payments Limited, PhonePe enables Indian travellers to scan local QR codes to make payments at NEOPAY and Network International terminals in the UAE.
PhonePe plans to explore opportunities to support the UAE's domestic payment systems, including Aani and Jaywan, using its technology platform.
