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PhonePe, a digital payments platform, has secured In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for two licenses: Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF). This comes after the successful completion of the initial regulatory due diligence. It will enable PhonePe to work towards securing final approval to commence business operations. PhonePe aims to focus on deep ecosystem integration. Upon receipt of final regulatory approval, the company looks forward to collaborating with regional banks, licensed payment service providers, and local technology vendors to actively advance the cashless economy vision established by the UAE leadership. Furthermore, PhonePe intends to explore opportunities to support 'Aani' and 'Jaywan', the UAE's domestic payment rails, by leveraging its full-stack technology platform. The company's technology architecture handles high transaction volumes, serving over 700 million registered users and 50 million merchants in India. PhonePe aspires for its proposed deployment to complement existing financial infrastructure and support seamless commerce for residents and enterprises. Additionally, in partnership with NPCI International Payments Limited (NIPL), PhonePe currently enables Indian travellers in the UAE to scan local QR codes and pay instantly across NEOPAY and Network International terminals via existing cross-border arrangements. While In-Principle Approval establishes PhonePe’s foundational regulatory presence, the company continues to work hand-in-hand 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, and new platforms, which comprise share.market, and Indus Appstore.
document fetched 2026-09-23 03:00