TechPhonePe reportedly gets in-principle approval for two UAE payment licences
Inc42 reports that the approvals could pave the way for PhonePe’s first locally regulated overseas payments operation. Payment services and digital wallet products remain subject to final regulatory approval.
TLDR
Walmart-backed PhonePe has received in-principle approval from the UAE’s central bank for licences covering retail payment services and stored-value facilities, Inc42 reports. Once fully cleared, PhonePe plans to work with local banks, payment service providers and technology vendors, while exploring integrations with UAE payment networks Aani and Jaywan. Inc42 says PhonePe already enables Indian travellers to make UPI payments in the UAE, but this would be its first locally regulated overseas payments operation.
