New Delhi, Sep 24 : Indian digital payments platform PhonePe has received in‑principle approval from the Central Bank of the UAE for two payment licences, finishing another step toward launching operations in the Emirates, a report has said.
The report from Khaleej Times said the approvals cover Retail Payment Services and Card Schemes along with Stored Value Facilities.
The firm completed initial regulatory due diligence and said it will work with UAE authorities to meet remaining requirements necessary to secure final approval before launch.
PhonePe chose the Emirates for international expansion due to favourable Financial Infrastructure Transformation (FIT) programme, regulatory framework and the country's growing digital economy.
"PhonePe said it aims to support the UAE's push towards a cashless economy while integrating its technology with the country's existing financial infrastructure," the UAE-based publication said.
The Indian company aims to enter collaborations supporting Aani and Jaywan, the UAE's domestic payment platforms, using its technology infrastructure.
PhonePe has experience handling large transaction volumes as it serves over 700 million registered users and 50 million merchants in India.
Any deployment in the UAE would be designed to complement existing financial infrastructure and support payments for residents and businesses, the company said.
“As the UAE advances toward an interconnected, digital-first economy, PhonePe aims to be a committed, long-term partner supporting its evolving ecosystem,” said Ritesh Pai, CEO and Executive Director of International Payments at PhonePe.
He added that PhonePe plans to leverage its technology with local partnerships to support economic and trade links between the UAE, India and international markets.
PhonePe already collaborates with NPCI International Payments Limited to provide cross border payment functionality in the Emirates through NEOPAY and Network International terminals.
Indian travellers in the UAE use the platform to scan local QR codes and make instant payments across NEOPAY and Network International terminals, while the in-principle approval advances the journey towards setting up PhonePe's own regulated presence in the UAE.
India expands digital payments footprint in UAE with regulatory nod
