STARTUP LEGAL22 Sept 2026
PhonePe expands to UAE: Fintech gets in-principle nod for 2 payment licences | What it means | Company Business News
PhonePe has received in-principle approval from the UAE central bank for two licences covering retail payments, card schemes and stored value facilities. Final approval is still needed before it can start commercial operations there. The Walmart-backed fintech plans to build on its UPI experience, working with local banks and payment partners in the UAE. It shows Indian payment firms taking their UPI playbook overseas.
Key Statutory Highlights
- PhonePe has received in-principle approval from the UAE central bank for two licences covering retail payments, card schemes and stored value facilities.
- The company still needs final regulatory approval before it can begin commercial operations in the UAE.
- PhonePe plans to build on its UPI experience and work with regional banks, licensed payment service providers and local technology vendors.
Actionable Advice for Taxpayers / Founders:If your business handles payments or remittances linked to the UAE, simply keep watch for PhonePe's final approval. Until its services actually launch, continue using your existing licensed payment provider.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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