PhonePe Gets UAE Payment Licence Approval, Moves Closer To Launching Overseas Payments Business
PhonePe has moved closer to establishing its first regulated overseas payments business after receiving in-principle approval from the Central Bank of the UAE (CBUAE) for two payment licences, Reuters reported. The Bengaluru-based fintech company said the approval marks an important step in its international expansion plans. PhonePe prepares for UAE payments launch The company has completed the…
PhonePe has received provisional approval from the Central Bank of the UAE (CBUAE) for two payment licenses, bringing the Indian fintech company one step closer to launching its first overseas payments business, according to a Reuters report. This development highlights PhonePe's strategic move to expand globally and establish a regulated payments platform in the UAE.
The company, which is currently India's largest provider of Unified Payments Interface (UPI) transactions, holds over 45% market share and processes nearly 12 billion transactions monthly. To achieve this ambitious goal, PhonePe plans to form partnerships with UAE banks, licensed payment service providers, and technology firms to seamlessly integrate with the country's payments ecosystem.
The UAE's strategic vision and supportive regulatory environment have made it an ideal location for PhonePe's international expansion. With a large Indian diaspora and frequent visitors, the country's digital economy and Financial Infrastructure Transformation programme present promising opportunities for the fintech giant.
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