PhonePe moves toward UAE launch with central bank’s in-principle approval

PhonePe has received in-principle approval from the UAE central bank for payment, card-scheme and stored-value licences. The Indian fintech must secure final approvals and local integrations before launch, while building on QR-payment access for Indian travellers.

— FiledTue, 22 Sept, 2026, 16:02 IST·First seen Tue, 22 Sept, 2026, 16:01 IST·Source Entrackr

What happened

PhonePe received in-principle approval from the UAE central bank for payment, card-scheme and stored-value licences, advancing its planned UAE launch. It will

Key facts

  • 2 licenses
  • over 700 million registered users in India
  • 50 million merchants in India
  • over 72 crore lifetime registered users
  • over 5 crore merchants

Why this matters

PhonePe’s UAE entry remains pre-launch, but retailers can begin assessing QR acceptance and local payment integrations for Indian traveller demand once final approvals arrive.

What to watch

  • UAE Central Bank final licence issuance and any disclosed operating conditions.
  • Named local sponsor, bank, acquirer, exchange-house or card-network partnerships.
  • Confirmation of whether PhonePe supports UPI, wallet, card, remittance or all of these use cases in the UAE.
  • Merchant acceptance footprint, especially Dubai and Abu Dhabi airports, malls, hotels, taxis and tourist destinations.
  • Pricing for FX, wallet loading, merchant fees and India-UAE transfers.

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