PhonePe wins Central Bank in-principle approval for UAE payment licences

PhonePe has secured in-principle approval from the Central Bank of the UAE for two licences covering Retail Payment Services and Card Schemes and Stored Value Facilities, following completion of initial regulatory due diligence. The company still requires final regulatory approval before beginning commercial operations in the UAE. PhonePe plans to work with regional banks, licensed payment service providers and local technology vendors, with a focus on integrating into the UAE's existing payments ecosystem. The company intends to explore support for Aani and Jaywan, the UAE's domestic payment rails. PhonePe already has a presence in the UAE through a partnership with NPCI International Payments Limited, allowing Indian travellers to use PhonePe at NEOPAY and Network International terminals. The UAE would become PhonePe's first international market once final approval is received and commercial operations begin.