2 hrs ago
PhonePe Wins In-Principle Approval for Two UAE Payment Licences
PhonePe is an Indian company that helps people make digital payments.
It has received early approval to offer payment services in the United Arab Emirates.
The approval covers services for retail payments, cards, and stored-value accounts.
PhonePe still needs final permission from the UAE’s central bank before it can start operating there.
The UAE will be PhonePe’s first international market.
The company plans to work with local banks, payment providers, and technology companies.
PhonePe says the move supports the UAE’s goal of becoming more cashless.
Its planned stock-market listing has been paused while markets remain uncertain.
PhonePe received in-principle approval from the Central Bank of the UAE for two payment licences.
The licences cover retail payment services and card schemes, as well as stored value facilities.
The approval followed initial regulatory due diligence, but final clearance is still required before operations begin.
The UAE will be PhonePe’s first international market, with plans to work with regional banks and local technology companies.
The expansion comes as PhonePe’s planned initial public offering remains on hold amid geopolitical and global market uncertainty.
- Who
- PhonePe, the Indian digital payments platform, and the Central Bank of the UAE.
- What
- PhonePe received in-principle approval for two UAE payment licences covering retail payment services, card schemes, and stored value facilities.
- Where
- The United Arab Emirates.
- When
- The announcement was made on Tuesday and published on September 22, 2026.
- Why
- PhonePe is expanding into its first international market and says the move supports the UAE’s Financial Infrastructure Transformation programme and cashless-economy goals.
Key facts
- Company
- PhonePe, an Indian digital payments platform launched in 2016
- Regulator
- Central Bank of the UAE
- Approval status
- In-principle approval granted; final regulatory clearance remains pending
- Licences
- Retail Payment Services and Card Schemes, and Stored Value Facilities
- Market significance
- The UAE is PhonePe’s first international market
- Planned partners
- Regional banks, licensed payment service providers, and local technology companies
- IPO status
- PhonePe has put its planned initial public offering on hold amid geopolitical uncertainty and volatile global markets
Quotes
PhonePe
Walmart-backed digital payments company seeking UAE regulatory approval
“Upon receipt of final regulatory approval, the company looks forward to collaborating with regional banks, licensed payment service providers, and local technology vendors.”
thehindubusinessline.com
Sources
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