PhonePay receives international recognition: Secures in-principle approval for UAE

PhonePe, India’s largest digital payments platform, has taken a significant step in its international expansion by securing in-principle approval (IPA) from the Central Bank of the UAE (CBUAE) for two payment licences — Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF). This marks the company’s first international regulatory approval and paves the way for its entry into the UAE market. The approvals follow completion of the CBUAE’s initial regulatory due diligence process.