UAE Central Bank Grants PhonePe In-Principle Approval for Two Payment Licences

Key facts

• PhonePe has received in-principle approval from the Central Bank of the UAE for two payment licences, marking its entry into its first international market.
• The approvals cover Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF), and PhonePe must still obtain final regulatory clearance before commercial operations in the UAE.
• PhonePe plans to explore integration with the UAE's domestic payment infrastructure, including Aani, the instant payment platform, and Jaywan, the domestic card scheme.
• PhonePe's platform has more than 700 million registered users and 50 million merchants in India.
• PhonePe already operates in the UAE through a partnership with NPCI International Payments Limited, enabling Indian travellers to pay via local QR codes through NEOPAY and Network International terminals.