PhonePe's UAE launch will widen payment options for Indian expats
Indian digital payments company PhonePe is set to enter its first international market in the UAE, in a move expected to further ease payment activities for the Emirates' biggest expat community . The company received in-principle approval from the UAE Central Bank for retail payment services and card schemes, as well as stored-value facilities, which would allow Indians in the Emirates to pay…
PhonePe, the Indian digital payments company, is set to launch its services in the UAE, expanding payment options for the country's largest expat community. The company has received in-principle approval from the UAE Central Bank for retail payment services, card schemes, and stored-value facilities. This move is expected to simplify payment activities for Indians living, working, or traveling in the Emirates.
PhonePe has been offering limited services in the UAE since 2024, enabling users to make payments via QR code-based Unified Payments Interface at Mashreq’s Neopay terminals. The company aims to collaborate with regional banks, payment service providers, and local technology vendors once it receives final regulatory approval. CEO Ritesh Pai highlighted PhonePe's intention to foster cross-border digital payment platforms and enhance convenience and affordability in the UAE.
The UAE already has Aani, an instant payments service, and Jaywan, a national domestic card program. PhonePe plans to support these initiatives and explore opportunities to streamline digital payments across countries for Indians. With around 4.3 million Indians in the UAE, the move could significantly benefit users paying bills, transferring money, managing income, and paying taxes in India. PhonePe aims to integrate deeply with the regional ecosystem upon receiving the final regulatory approval.
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