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.)