payment licences

India-based digital payments company PhonePe has received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for two payment licences as it prepares to expand its operations in the UAE. The approval covers the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) licences. It follows the completion of the initial regulatory due diligence. PhonePe will need to secure final regulatory approval before it can begin commercial operations in the country. As part of its proposed expansion, PhonePe plans to work with local banks, licensed payment service providers and technology companies. The company is also exploring opportunities to support Aani and Jaywan, the UAE’s domestic payment systems. Ritesh Pai, CEO and Executive Director, International Payments at PhonePe, said the company was honoured to receive the In-Principle Approval from the CBUAE. “The country’s vision and regulatory environment make it an ideal setting for our international journey,” Pai said, adding that PhonePe plans to work with local partners as the UAE develops its digital payments ecosystem. He said the company also intends to support economic and trade links connecting the UAE, India and global markets. The company is continuing to work with UAE authorities to complete the requirements for final regulatory approval ahead of its commercial launch. PhonePe said its platform currently serves more than 700 million registered users and 50 million merchants in India. Its proposed UAE operations will use the company’s payment technology while working with local partners and existing financial infrastructure. PhonePe already has a cross-border payment arrangement in the UAE through its partnership with NPCI International Payments Limited (NIPL). Under the arrangement, Indian travellers can use PhonePe to scan local QR codes and make payments through NEOPAY and Network International terminals.

payment licences

India’s PhonePe gets UAE payment licence approval

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