PhonePe, an India-based digital payments platform, has received in-principle approval from the Central Bank of the United Arab Emirates (UAE) to enter the market.

The approval covers retail payment services, card schemes, and stored value facilities. PhonePe is now seeking final authorisation before a commercial launch.

The approval falls under the UAE’s retail payments framework, which covers activities such as payment transactions, payment instruments, money remittance, and card-based payment arrangements.

PhonePe said it plans to connect to Aani and Jaywan after launch. Aani enables real-time account-to-account transfers between banks and wallets, while Jaywan is the UAE’s domestic card scheme.

The move would expand PhonePe’s presence in the UAE, a regional hub for cross-border payments and remittances. India-linked corridors are among the country’s largest for digital transfers.

PhonePe already supports QR payments for Indian travelers in the UAE through NPCI International Payments Limited at NEOPAY and Network International terminals.

It said its platform in India serves more than 700 million users and 50 million merchants.

🔗 Source: YourStory

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