PhonePe gets UAE central bank’s in-principle approval for payments, wallet licences

Company to seek final approval before starting operations; plans to explore supporting UAE’s domestic payment rails Aani and Jaywan PhonePe has received in-principle approval from the Central Bank of the UAE (CBUAE) for two licences, one for retail payment services and card schemes (RPSCS) and the other for stored value facilities (SVF), the company said on Tuesday. The Walmart-backed company will now work towards final approval before it can start business operations in the country.

Founder and chief executive Sameer Nigam had said on September 9 that the UAE would be PhonePe’s first foreign market.