PhonePe Secures In-Principle Approval for Two UAE Payment Licences
-
Khushi Jain
- September 22, 2026
PhonePe, a digital payments platform, has secured In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for two licences: Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF).
The approval follows the successful completion of the initial regulatory due diligence and will enable PhonePe to work towards securing final approval to commence business operations.
PhonePe plans to focus on deep ecosystem integration in the UAE. Upon receiving final regulatory approval, the company plans to collaborate with regional banks, licensed payment service providers and local technology vendors to support the cashless economy vision established by the UAE leadership.
The company also intends to explore opportunities to support Aani and Jaywan, the UAE’s domestic payment rails, by leveraging its full-stack technology platform. PhonePe’s technology architecture handles high transaction volumes, serving over 700 million registered users and 50 million merchants in India.
PhonePe said its proposed deployment is intended to complement existing financial infrastructure and support seamless commerce for residents and enterprises.
In partnership with NPCI International Payments Limited (NIPL), PhonePe currently enables Indian travellers in the UAE to scan local QR codes and make instant payments across NEOPAY and Network International terminals through existing cross-border arrangements.
While the In-Principle Approval establishes PhonePe’s foundational regulatory presence, the company continues to work with authorities to complete all pre-requisites for final approval ahead of its commercial launch in the UAE.
PhonePe said it has over 72 Crore life-till-date registered users and a digital payments acceptance network spread across over 5 Crore merchants.
Its products and services include consumer payments, merchant payments, lending and insurance distribution services, as well as new platforms including share.market and Indus Appstore.
FAQs
1. What approval has PhonePe received in the UAE?
PhonePe has received In-Principle Approval from the Central Bank of the UAE for the Retail Payment Services and Card Schemes and Stored Value Facilities licences.
2. What will PhonePe do after receiving final regulatory approval?
PhonePe will work towards commencing business operations in the UAE and plans to collaborate with regional banks, licensed payment service providers and local technology vendors.
3. Which UAE payment rails does PhonePe plan to support?
PhonePe intends to explore opportunities to support Aani and Jaywan, the UAE’s domestic payment rails.
4. How many registered users and merchants does PhonePe have in India?
PhonePe said it has over 72 Crore life-till-date registered users and a digital payments acceptance network spread across over 5 Crore merchants.
5. How can Indian travellers currently use PhonePe in the UAE?
In partnership with NPCI International Payments Limited, PhonePe enables Indian travellers in the UAE to scan local QR codes and pay instantly across NEOPAY and Network International terminals through existing cross-border arrangements.
