PhonePe wins in-principle UAE approval for two payment licences
PhonePe has received in-principle approval from the UAE central bank for Retail Payment Services and Card Schemes and Stored Value Facilities licences, marking its first overseas regulatory clearance. The approvals support a planned UAE launch for consumers and merchants.
What happened
PhonePe received in-principle approval from the UAE central bank for two payment licences, its first overseas regulatory clearance, enabling a planned UAE
Key facts
- Two payment licences
- Retail Payment Services and Card Schemes (RPSCS) licence
- Stored Value Facilities (SVF) licence
What changed
PhonePe received in-principle approval from the UAE central bank for two payment licences, its first overseas regulatory clearance, enabling a planned UAE launch serving consumers and merchants.
Why this matters
PhonePe’s UAE approvals signal an imminent cross-border payments launch, giving merchants and payment operators a new partner for serving Indian travelers and UAE consumers once final licences are secured.
What to watch
- Final licence issuance and the exact permitted scope for Retail Payment Services, Card Schemes and Stored Value Facilities.
- Named UAE bank, exchange-house, card-network, government or major merchant partnerships.
- Launch timing, product sequence and whether PhonePe offers wallet, remittances, card issuance, QR acceptance or payment gateway services.
- Evidence of interoperability with UAE payment rails, India-UAE payment corridors or UPI-linked merchant acceptance.
- Local customer-acquisition incentives, merchant pricing and early transaction-volume disclosures.