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PhonePe's Sameer Nigam Eyes Global Expansion After Securing UAE Regulatory Approval
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Moneycontrol•28-09-2026, 12:33
PhonePe's Sameer Nigam Eyes Global Expansion After Securing UAE Regulatory Approval
- •PhonePe CEO Sameer Nigam announced a strategic focus on international expansion, starting with regulatory approvals in the UAE.
- •The company received in-principle approval from the Central Bank of the UAE (CBUAE) to launch payment operations, with final approval pending.
- •This move will enable PhonePe to offer merchant digital payments in the UAE, allowing Indian travelers to use UPI for retail transactions.
- •PhonePe plans to integrate with UAE's domestic payments infrastructure by collaborating with local banks, payment service providers, and technology companies.
- •With a goal to go public at a $10-12 billion valuation, PhonePe aims to expand its revenue base by leveraging its popularity and global footprint.
Key Questions Answered
PhonePe received in-principle approval from the Central Bank of the UAE (CBUAE) for payment licenses, specifically covering Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF).
PhonePe CEO and co-founder Sameer Nigam is working closely with Ritesh Pai, who serves as the CEO of PhonePe's international business, to drive the company's global expansion.
PhonePe is India's largest UPI player with over a 45 percent market share and aims to go public by the end of the current fiscal year at a valuation of $10-12 billion.
