Following final regulatory approval, PhonePe plans to work with regional banks, licensed payment service providers and local technology vendors in the UAE.
PhonePe, India’s digital payments platform, has secured In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for two licences: Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF). The approval follows the completion of initial regulatory due diligence and allows PhonePe to proceed towards final approval to commence operations in the UAE.
PhonePe UAE Expansion Plans
Following final regulatory approval, PhonePe plans to work with regional banks, licensed payment service providers and local technology vendors as it expands its payments business in the UAE.
PhonePe also plans to explore opportunities to support Aani and Jaywan, the UAE’s domestic payment rails, using its technology platform. The company said its platform currently supports more than 700 million registered users and 50 million merchants in India.
Speaking on the foray into the UAE market, Ritesh Pai, CEO and Executive Director, International Payments at PhonePe, said: “We are honored to receive In-Principle Approval from the CBUAE. The country’s vision and regulatory environment make it an ideal setting for our international journey. As the UAE advances toward an interconnected, digital-first economy, PhonePe aims to be a committed, long-term partner supporting its evolving ecosystem.”
Additionally, in partnership with NPCI International Payments Limited (NIPL), PhonePe currently enables Indian travellers in the UAE to scan local QR codes and pay instantly across NEOPAY and Network International terminals via existing cross-border arrangements, said PhonePe.
While In-Principle Approval establishes PhonePe’s foundational regulatory presence, the company continues to work hand-in-hand with authorities to complete all pre-requisites for final approval ahead of its commercial launch in the UAE.
Disclaimer: This article is based on PhonePe’s official announcement regarding its In-Principle Approval from the Central Bank of the UAE. Final regulatory approval is still required before PhonePe can commence business operations in the UAE.
