PhonePe receives an initial in-principle nod from the Central Bank of the UAE (CBUAE) for two payment licences, moving the Bengaluru-based fintech closer to offering regulated payments services in the country. The approvals cover Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF), according to reporting across multiple outlets.
Sources agree that this is a regulatory step rather than permission to start commercial operations immediately. PhonePe must still obtain final approval from the CBUAE before it can begin operating. Coverage also notes that the licences would allow PhonePe to expand beyond existing arrangements that enable UPI-based payments in the UAE through a partner linked to NPCI International Payments Limited (NIPL).
While all outlets focus on the same central-bank approval, their emphasis varies. Some highlight the move as a milestone for PhonePe’s international expansion and the development of a locally regulated payments platform. Others frame it in the context of PhonePe’s ability to leverage its UPI offering and pursue a broader payments model in the UAE’s regulatory and digital payments environment.
