PhonePe gets approval from UAE central bank for two digital payment licences

Fintech major PhonePe announced on Tuesday, September 22, 2026, that it has secured in-principle approval from the Central Bank of the UAE for two key operating licences. This development marks the company's first international expansion footprint.

Licences and Next Steps

The in-principle approval covers retail payment services and card schemes, known as RPSCS, along with stored value facilities, or SVF. The digital payments firm will now work towards obtaining final approval before starting commercial operations in the United Arab Emirates.

Partnerships and Existing Services

After 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 domestic payment rails, Aani and Jaywan, by using its full-stack technology platform. 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, also called NIPL.