PhonePe marks first international footprint in the UAE

Secures In-Principle approval from Central Bank of UAE

PhonePe, India’s leading digital payments platform, has achieved a key milestone in its international expansion journey by securing In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for two licenses: Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF).

This comes after the successful completion of the initial regulatory due diligence. It will enable PhonePe to work towards securing final approval to commence business operations, it was revealed in an official press statement.

The company’s proposed expansion into the Emirates is inspired by the nation’s forward-looking Financial Infrastructure Transformation (FIT) program, supported by a progressive regulatory framework and dynamic digital economy, making the UAE an ideal destination for its global growth.

Ecosystem integration

As part of its market strategy, PhonePe aims to focus on deep ecosystem integration. Upon receipt of final regulatory approval, the company looks forward to collaborating with regional banks, licensed payment service providers, and local technology vendors to actively advance the cashless economy vision established by the UAE leadership.

Furthermore, PhonePe intends to explore opportunities to support ‘Aani’ and ‘Jaywan’, the UAE’s domestic payment rails, by leveraging its full-stack technology platform. The company’s technology architecture handles high transaction volumes with proven resilience, serving over 700mn registered users and 50mn merchants in India.

“By combining world-class technology with local partnerships, PhonePe intends to support the strong economic and trade corridors connecting the UAE, India, and global markets, while striving to deliver elevated everyday payment experiences across the Emirates,” stated Ritesh Pai, CEO and Executive Director, International Payments, PhonePe.