PhonePe wins UAE in-principle approval for first locally licensed overseas payments business
Walmart-backed PhonePe has secured in-principle approval from the UAE central bank for two payments licences. Subject to final approvals, the Indian fintech plans to partner with local banks and potentially use domestic Aani and Jaywan payment rails.
What happened
PhonePe received in-principle approval from the UAE central bank for two payments licences, its first locally regulated overseas business. The Walmart-backed
Key facts
- two payments licences
Why this matters
The UAE approvals position PhonePe as a potential partner, competitor, or acquisition candidate in local bank-led payment ecosystems using Aani and Jaywan rails.
What to watch
- Final licence issuance and the exact permitted activities under each licence.
- Named UAE bank or payment-rail partnerships.
- Evidence of Aani and/or Jaywan technical integration.
- Merchant launch announcements, especially in travel, hospitality, Indian grocery, ecommerce, and remittance sectors.
- Pricing or settlement-time advantages for India-UAE payments.
- Responses from UAE incumbents including e& money, Careem Pay, PayBy, bank wallets, and international payment networks.
- Secure final UAE Central Bank approvals for both payment licences.
- Announce local banking, acquiring, remittance, or card-network partnerships.
- Confirm integration plans for Aani instant payments and Jaywan domestic card rails.
- Launch a UAE legal entity, senior local management team, and merchant-acquisition program.
- Prioritize India-UAE remittance, travel, ecommerce, and diaspora merchant payment corridors before mass-market consumer acquisition.