PhonePe wins in-principle approval for two UAE payment licences

The Walmart-backed Indian fintech plans merchant and consumer payment partnerships in the UAE once it receives final central-bank clearance, marking its first major international expansion step.

— Source publishedTue, 22 Sept, 2026, 14:45 IST·First seen Tue, 22 Sept, 2026, 14:53 IST·Source Mint · Companies

What happened

PhonePe received in-principle UAE approval for two payment licences and plans merchant and consumer payment partnerships after final clearance. The

Key facts

  • 2 payment licences
  • 2016 launch year
  • IPO valuation target of $9 billion-$10.5 billion
  • Walmart plans to reduce its stake by about 12%

What changed

PhonePe received in-principle UAE approval for two payment licences and plans merchant and consumer payment partnerships after final clearance. The Walmart-backed Indian fintech also intends to revive its delayed IPO, targeting a $9-$10.5 billion valuation.

Why this matters

PhonePe’s UAE licence push signals a bid to extend its merchant-and-consumer payments model into a high-remittance, digitally accelerating market, pending final central-bank approval.

What to watch

  • Final UAE Central Bank approval, licence scope and any operating conditions.
  • Named partnerships with UAE banks, payment processors, exchange houses, airlines, retailers or marketplaces.
  • Launch of UPI acceptance, remittance products, QR payments or a locally regulated wallet.
  • Evidence of transaction-volume targets, merchant-acquisition plans or customer-pricing strategy.
  • Competing moves from Indian fintechs, banks, Alipay+, local wallets and UAE payment schemes.

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