PhonePe Enters UAE With Central Bank In-Principle Approval

PhonePe has received In-Principle Approval from the Central Bank of the UAE for two licenses: Retail Payment Services and Card Schemes, and Stored Value Facilities. The approval follows initial regulatory due diligence and allows the company to work toward final clearance to begin business operations in the UAE.

The IPA gives PhonePe a foundational regulatory presence in the UAE, but it is not the final approval for a commercial launch. The company says it will continue working with authorities to complete remaining prerequisites before launching operations.

PhonePe is positioning its UAE plans around deeper ecosystem integration, including collaboration with regional banks, licensed payment service providers, and local technology vendors.

PhonePe intends to explore ways to support Aani and Jaywan, the UAE’s domestic payment rails, using its full-stack technology platform. The company says its proposed deployment is aimed at complementing existing financial infrastructure and supporting seamless commerce for residents and enterprises.

PhonePe also said its technology architecture handles high transaction volumes and serves over 700 million registered users and 50 million merchants in India.

Through a partnership with NPCI International Payments Limited, PhonePe currently enables Indian travellers in the UAE to scan local QR codes and pay instantly. These payments work across NEOPAY and Network International terminals through existing cross-border arrangements.

That existing traveller-payment use case gives readers a clear view of where PhonePe’s UAE presence may fit before its broader commercial rollout receives final approval.

PhonePe said it has over 72 crore life-to-date registered users and a digital payments acceptance network across over 5 crore merchants. Its products and services include consumer payments, merchant payments, lending and insurance distribution services, along with platforms such as share.market and Indus Appstore.