The digital payment platform PhonePe has received preliminary approval from the Central Bank of the UAE (CBUAE) to launch its operations in the Emirates. This step is a significant milestone in the company's plans for international expansion.
The regulatory approval obtained covers two key types of licenses: Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF). After completing the initial stages, PhonePe is now working on obtaining final authorization before commencing commercial activities in the region.
According to Rakesh Pai, CEO and Executive Director of International Payments at PhonePe, the UAE environment is ideal for the company's international development due to its vision and regulatory framework. He noted that PhonePe plans to utilize a combination of advanced technologies and local partnerships to support strong economic and trade ties between the UAE, India, and global markets.
The statement indicates that PhonePe's entry into the UAE market aligns with the country's Financial Infrastructure Transformation (FIT) program, which aims for deep integration with local financial ecosystems. Upon full launch, the platform intends to integrate with local UAE payment systems—Aani and Jaywan. It achieves this using its full-stack technology platform, which currently serves over 700 million users and 50 million merchants in India.
Furthermore, through NPCI International Payments Limited (NIPL), PhonePe already enables travelers from India to make instant QR payments in the UAE on NEOPAY and Network International terminals.
