NEW DELHI, Sept 22: Walmartbacked digital payments company PhonePe has received in principle approval from the United Arab Emirates central bank for two licences covering retail payments, card schemes and stored value facilities.
The development marks a step forward in PhonePe’s plans to expand its payments business in the UAE and strengthen its presence in international markets.
The approvals cover key areas of the digital payments ecosystem, including retail transactions and stored-value services. The company will need to meet the applicable regulatory requirements before the licences become fully operational.
PhonePe’s overseas expansion comes as Indian digital payment companies increasingly explore opportunities beyond the domestic market. The UAE, with its large Indian origin population and strong financial-services sector, offers a significant market for cross border payment and financial technology services.
The company has expanded its international operations in recent years, building on its position in India’s digital payments sector.