PhonePe secures initial UAE central bank approval for two payment licences

Representational Image. File pic.

Fintech major PhonePe on Tuesday announced that it has secured in-principle approval from the Central Bank of the UAE for two key operating licences, marking its first international expansion footprint.

The in-principle approval covers retail payment services and card schemes (RPSCS), as well as stored value facilities (SVF), the company said in a statement.

The digital payments firm will now work towards obtaining final approval before commencing commercial operations in the United Arab Emirates.

Upon securing final regulatory clearances, PhonePe plans to partner with regional banks, licensed payment service providers, and local technology vendors.

The company also intends to explore opportunities to support the UAE's domestic payment rails, Aani and Jaywan, by leveraging its full-stack technology platform.

"The country's vision and regulatory environment make it an ideal setting for our international journey. As the UAE advances toward an interconnected, digital-first economy, PhonePe aims to be a committed, long-term partner supporting its evolving ecosystem.

"By combining world-class technology with local partnerships, PhonePe intends to support the strong economic and trade corridors connecting the UAE, India, and global markets, while striving to deliver elevated everyday payment experiences across the Emirates," Ritesh Pai, CEO and Executive Director, International Payments at PhonePe, said.

At present, PhonePe enables outbound Indian travellers in the Emirates to scan local QR codes and make instant payments across NEOPAY and Network International terminals through a partnership with NPCI International Payments Limited (NIPL).

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.