Archive · 23 Sep 2026
PhonePe Wins Initial Approval for Two UAE Payment Licences
PhonePe is an Indian company that helps people make digital payments.
It has received early approval to offer more payment services in the United Arab Emirates.
One licence could cover services such as helping merchants accept payments and processing payment transactions.
The other licence could allow PhonePe to operate wallets that store prepaid money.
PhonePe still needs final permission from the UAE central bank before it can start its local business.
The company plans to work with UAE banks, payment companies and technology firms.
It also wants to explore connections with local systems called Aani and Jaywan.
PhonePe already helps Indian travellers pay in the UAE by using local QR codes through partners.
This would be PhonePe’s first regulated international payments market, while its planned stock-market listing remains on hold.
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, plus stored value facilities for wallets.
PhonePe must secure final regulatory approval before beginning commercial operations in the UAE.
The company plans to work with UAE banks, licensed payment providers and local technology firms.
PhonePe intends to explore support for the UAE’s Aani instant-payment platform and Jaywan domestic card network.
- Who
- PhonePe and the Central Bank of the UAE; PhonePe is backed by Walmart.
- What
- PhonePe received in-principle approval for licences covering retail payment services and card schemes, and stored value facilities.
- When
- The approval was announced on Tuesday and published on September 22, 2026.
- Where
- The United Arab Emirates.
- Why
- PhonePe aims to establish its first regulated overseas payments business and participate in the UAE’s digital-payment ecosystem.
- Approval status
- In-principle approval granted; final regulatory approval is still required.
- Approved licences
- Retail Payment Services and Card Schemes, and Stored Value Facilities.
- Planned partners
- Regional banks, licensed payment service providers and local technology vendors.
- Potential UAE payment networks
- PhonePe plans to explore opportunities involving Aani and Jaywan.
- Existing UAE activity
- PhonePe supports UPI-based payments for Indian travellers through NPCI International Payments Limited, NEOPAY and Network International terminals.
- PhonePe scale in India
- The company reported more than 720 million registered users and over 50 million merchants as of August in one report; another cited over 700 million users.
- IPO status
- PhonePe’s planned IPO was put on hold because of geopolitical uncertainty and volatile global market conditions.
- Reported IPO valuation target
- $9 billion to $10.5 billion, according to sources cited by Reuters.
Sources
PhonePe gets UAE central bank’s in-principle approval for payments, wallet licences
PhonePe Gets UAE Payment Licence Approval, Moves Closer To Launching Overseas Payments Business
PhonePe Gets Initial UAE Central Bank Nod For Payment Licences
PhonePe gets UAE central bank nod for retail payments, card scheme licences - Telegraph India
PhonePe gets in-principle approval for two UAE payment licences
PhonePe expands to UAE: Fintech gets in-principle nod for 2 payment licences
