PhonePe receives preliminary UAE payments approval

PhonePe said on September 22 that the Central Bank of the UAE granted in-principle approval for Retail Payment Services and Card Schemes and Stored Value Facilities licences. The company must still complete requirements for final approval before starting the proposed business operations.

Its plans include working with regional banks, licensed payment providers and technology vendors. PhonePe also intends to explore support for the UAE’s Aani and Jaywan payment infrastructure. This proposed local business is separate from existing arrangements that let Indian travellers use PhonePe to scan some UAE merchant QR codes. The approval therefore marks a regulatory step toward a broader market entry, rather than evidence that a full domestic UAE payment service is already commercially available.