PhonePe gets UAE central bank nod for retail payments, card scheme licences

Fintech firm PhonePe has received in-principle approval from the Central Bank of the UAE for two payment licences, clearing a key regulatory hurdle for its planned expansion into the Emirates.

The approval covers retail payment services and card schemes (RPSCS), as well as stored value facilities (SVF), the company said in a statement on Tuesday.

PhonePe will now seek final regulatory approval before starting commercial operations in the UAE. Once those clearances are secured, the company plans to work with regional banks, licensed payment service providers and local technology vendors.