Business EconomyPosted at: Sep 22 2026 4:41PM


PhonePe gets UAE Central Bank nod for two payment licences

New Delhi, Sep 22 (UNI) PhonePe has received in-principle approval from the Central Bank of the UAE for two licences that will allow it to offer services covering retail payments, card schemes and stored-value facilities, marking a significant step in its planned expansion into the Gulf market.
The Walmart-backed fintech said the approval came after the UAE central bank completed its initial regulatory due diligence. However, PhonePe will need to secure final regulatory approval and complete the remaining compliance requirements before starting commercial operations in the country.
Following the final approval, PhonePe plans to work with regional banks, licensed payment service providers and local technology companies as it builds its payments ecosystem in the UAE.
The company said its UAE expansion is aligned with the country's Financial Infrastructure Transformation (FIT) programme, which aims to support the development of a more advanced digital financial ecosystem.
PhonePe plans to focus on integrating with the existing payments ecosystem rather than operating in isolation. Partnerships with local financial institutions and technology providers are expected to form a key part of its strategy as the company looks to participate in the UAE's push towards a cashless economy.
PhonePe already has a presence in the UAE through cross-border payment arrangements.
In partnership with NPCI International Payments Limited (NIPL), the platform enables Indian travellers in the UAE to use their PhonePe accounts to scan local QR codes and make payments. The service currently works across NEOPAY and Network International terminals under existing cross-border arrangements.
The proposed expansion would take PhonePe beyond its existing cross-border payment offering and establish a broader regulated presence in the UAE.
The company said it is continuing to work with UAE authorities to complete the requirements for final approval. Commercial operations will begin only after the necessary regulatory clearances are obtained.UNI VK AAB
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