PhonePe Takes First Global Step With UAE Regulatory Approval
What Happened
PhonePe has received in-principle approval from the Central Bank of the UAE (CBUAE) for two payment licences, marking its first international regulatory approval. The licences cover Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF), paving the way for the company to launch locally licensed operations in the UAE after receiving final approval.
Key Takeaways
The approval is a significant milestone in PhonePe's global expansion strategy. The company plans to partner with local banks and payment providers and explore support for UAE domestic payment systems such as Aani and Jaywan. The move strengthens the India-UAE digital payments corridor and could help PhonePe expand beyond its existing cross-border payment services for Indian travellers.