PhonePe wins in-principle UAE payment licences

PhonePe said on Tuesday it received in-principle approval from the Central Bank of the UAE for two payment licences, a step that would mark the Indian digital payments company's first regulated operations outside India. The approvals cover Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF), and follow the completion of initial regulatory due diligence, the company said. PhonePe still requires final signoff from the central bank before it can begin commercial operations in the UAE, and it said it is working with authorities to complete the remaining requirements. Upon securing final approval, PhonePe plans to partner with regional banks, licensed payment service providers and local technology vendors, and intends to explore integration with the UAE's domestic payment rails, Aani and Jaywan, using its technology platform. Ritesh Pai, CEO and Executive Director, International Payments at PhonePe, said the company aims to support the trade and economic corridors connecting the UAE, India and global markets. He added that the country's vision and regulatory environment make it an ideal setting for the company's international expansion.