New Delhi, September 24, 2026 (Yes Punjab News)
Indian digital payments platform PhonePe has received in-principle approval from the Central Bank of the UAE for two payment licences, taking it a step closer to launching its regulated operations in the Emirates, according to a report by Khaleej Times.
The approvals cover Retail Payment Services and Card Schemes, along with Stored Value Facilities. PhonePe has completed the initial regulatory due diligence and will work with UAE authorities to meet the remaining requirements for final approval before commencing operations.
PhonePe selected the UAE for its international expansion, citing the country’s Financial Infrastructure Transformation (FIT) programme, regulatory framework and growing digital economy.
The company said it aims to support the UAE’s transition towards a cashless economy while integrating its technology with the country’s existing financial infrastructure.
PhonePe also plans to explore collaborations supporting Aani and Jaywan, the UAE’s domestic payment platforms, by leveraging its technology infrastructure.
The company serves more than 700 million registered users and 50 million merchants in India, giving it experience in handling large transaction volumes.
“ As the UAE advances toward an interconnected, digital-first economy, PhonePe aims to be a committed, long-term partner supporting its evolving ecosystem,” said Ritesh Pai, CEO and Executive Director of International Payments at PhonePe.
Pai said PhonePe plans to combine its technology with local partnerships to support economic and trade links between the UAE, India and international markets.
PhonePe already works with NPCI International Payments Limited to provide cross-border payment functionality in the UAE through NEOPAY and Network International terminals. Indian travellers can use PhonePe to scan local QR codes and make instant payments across these terminals.
The in-principle approval marks a further step towards PhonePe establishing its own regulated presence in the UAE.
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