🎉 UAE🇦🇪: Indian PhonePe🇮🇳 receives preliminary approval (IPA) from the Central Bank for two licenses

🎉 UAE🇦🇪: Indian PhonePe🇮🇳 receives preliminary approval (IPA) from the Central Bank for two licenses

The licensing covers the provision of retail payment services, as well as the operation of card schemes (RPSCS) and a stored-value facility (SVF).

💘 Who is PhonePe❓ — PhonePe is an Indian fintech company headquartered in Bangalore that has developed the country's largest platform for digital payments and comprehensive financial services. The app, based on the Unified Payments Interface (#UPI), was launched in 2016 and, as of August 2026, has more than 720 million registered users in India, while its payment acceptance network covers more than 50 million merchant outlets.

💘 Major plans:

➡️ As part of the development of its planned activities, PhonePe intends to explore opportunities to support Aani and Jaywan — the UAE's domestic payment systems — through its technology platform.

➡️ As part of its initial public offering, the company plans to reach a valuation ofUSD 9 billion to USD 10.5 billion.

💘 Context: PhonePe already supports payments for Indian travelers in the UAE through an agreement with NPCI International Payments Limited (NIPL). Under this agreement, Indian users can scan local QR codes and make payments through NEOPAY and Network International terminals. However, these services are not related to PhonePe's planned activities in the country.

The project remains subject to the relevant regulatory approvals.

#news #Middle_East #Asia #India

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