PhonePe gets UAE central bank nod for two payment licences


PhonePe’s first international market entry comes as it seeks final regulatory clearance to launch locally licensed payment services in the UAE

Indian digital payments platform 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). The company said on Tuesday that the approvals followed the completion of initial regulatory due diligence.

PhonePe will need to obtain final regulatory clearance before it can begin commercial operations in the UAE.

The company plans to work with regional banks, licensed payment service providers and local technology companies as it builds its operations in the country.

PhonePe said its expansion is aligned with the UAE’s Financial Infrastructure Transformation programme and its push towards a more cashless economy.

(This is a developing story. Please check back for updates.)

  • Related Posts

    Trump-Xi meeting: How AI moved to the centre of US-China talks

    AI has emerged as a key issue ahead of the Trump-Xi summit, with the US and China discussing AI safety, advanced chips and a mechanism to report incidents that could…

    Continue reading
    India’s exports to China jump 40%: Is the trade imbalance finally changing?

    India’s exports to China rose sharply in April-August, led by electronics and engineering goods, but the trade deficit remains wide India’s electronics exports to China are gaining momentum as demand…

    Continue reading