PhonePe wins in-principle approval to launch payment services in the UAE
PhonePe has received UAE central-bank in-principle approvals for Retail Payment Services and Card Schemes and Stored Value Facilities licences. Following final authorisation, the Indian payments platform plans to connect with local rails including Aani and Jaywan.
What happened
PhonePe received in-principle approval from the UAE central bank for payment-services and stored-value licences, advancing its Emirates launch. The Indian
Key facts
- Two in-principle licences: Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF)
- Over 700 million users in India
- 50 million merchants in India
What changed
PhonePe received in-principle approval from the UAE central bank for payment-services and stored-value licences, advancing its Emirates launch. The Indian payments platform plans integration with UAE rails Aani and Jaywan after final authorisation.
Why this matters
PhonePe’s UAE approvals signal a coming need to localise merchant acceptance, compliance and settlement operations around Aani and Jaywan before launch.
What to watch
- CBUAE grant of final Retail Payment Services, Card Scheme and Stored Value Facility licences.
- Announcement of live Aani and Jaywan integrations or first transaction volumes.
- Named UAE bank, acquirer, retailer, marketplace or remittance partnership.
- Merchant onboarding targets, pricing and settlement-currency capabilities.
- Launch of India-UAE remittance, UPI-linked or visitor-payment propositions.
Also reported by
- YourStory · Capital — Same time