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PhonePe Gets in-Principle Approval for Two UAE Payment Licences
The approval covers retail payment services and card schemes, and PhonePe said it must secure final clearance before commercial operations begin.
- On Tuesday, PhonePe received in-principle approval from the Central Bank of the UAE for two payment licenses: Retail Payment Services and Card Schemes and Stored Value Facilities .
- Building on its existing cross-border presence, PhonePe enables Indian travelers to scan local QR codes at NEOPAY and Network International terminals through a partnership with NPCI International Payments Limited .
- Serving more than 700 million registered users and 50 million merchants in India, PhonePe intends to support the UAE's Financial Infrastructure Transformation program by delivering elevated payment experiences, CEO Ritesh Pai said.
- PhonePe will explore integration opportunities with Aani and Jaywan, the UAE's domestic payment rails, while working with regional banks and local technology companies to secure final regulatory clearance.
- These proposed operations aim to complement the country's existing financial infrastructure and support payments for businesses and residents as the UAE works to develop a cashless economy.
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18 Articles
18 Articles
PhonePe expands to UAE: Fintech gets in-principle nod for 2 payment licences
PhonePe has received in-principle approval from the UAE central bank for two licences covering retail payments, card schemes and stored value facilities. The fintech will need final regulatory approval before starting commercial operations in the UAE.
·New Delhi, India
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Gulf NewsReposted by 
Bazaar Times
Bazaar TimesPhonePe moves closer to UAE launch after Central Bank approval
PhonePe secures in-principle UAE Central Bank approval, moving closer to launching digital payment services and card schemes in its first international market
·Dubai, United Arab Emirates (the)
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India’s PhonePe gets initial UAE central bank nod for payment licenses
Sept 22 (Reuters) - Digital payments platform PhonePe said on Tuesday it received in-principle approval from the UAE central bank for two licenses covering retail payment services, card schemes, and stored value facilities, a key step towa...
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Leaning Left1Leaning Right4Center6Last UpdatedBias Distribution55% Center
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55% Center
C 55%
R 36%
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