PhonePe secures in-principle approval for UAE operations
PhonePe also intends to explore opportunities to support 'Aani' and 'Jaywan', the UAE's domestic payment rails, by leveraging its full-stack technology platform, per a statement.
Digital payments platform PhonePe has received in-principle approval from the Central Bank of the UAE to launch operations in the Emirates, a significant milestone in its global growth strategy. The regulatory clearance covers two critical licenses: Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF).
With initial steps accomplished, PhonePe is now focusing on securing final authorization before commencing commercial activities in the region. CEO and Executive Director of International Payments at PhonePe, Ritesh Pai, expressed optimism in a statement, highlighting the UAE's conducive regulatory environment and vision as conducive for the company's international expansion.
Pai noted that by leveraging local partnerships and advanced technology, PhonePe aims to bolster economic and trade ties between the UAE, India, and global markets. The company's entry into the UAE aligns with the country's Financial Infrastructure Transformation program, which seeks to enhance integration with local financial systems.
Upon final launch, PhonePe intends to connect with the UAE's domestic payment systems, Aani and Jaywan, utilizing its comprehensive technology platform that currently serves more than 700 million users and 50 million merchants across India. Through the NPCI International Payments Limited (NIPL), PhonePe already enables Indian travelers in the UAE to conduct instant QR-based payments at NEOPAY and Network International terminals.
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- PhonePe secures UAE payments licences, plans Aani, Jaywan support business-standard.com
