INCOME TAX22 Sept 2026
PhonePe’s UAE push is more than UPI: What its first overseas licences mean | Mint
PhonePe has got in-principle approval from the Central Bank of the UAE for two payment licences — its first overseas licences. One covers Retail Payment Services and Card Schemes (RPSCS), the other Stored Value Facilities (SVF). This matters to Indian travellers and businesses paying in the UAE, since PhonePe already runs UPI there. Watch for the final licence and new payment options.
Key Statutory Highlights
- PhonePe received in-principle approval from the Central Bank of the UAE for two payment licences, which are its first overseas licences.
- The two licences are for Retail Payment Services and Card Schemes, and for Stored Value Facilities.
- PhonePe already enables UPI payments for Indian travellers in the UAE through NEOPAY and Network International terminals, working with NPCI International Payments Limited.
Actionable Advice for Taxpayers / Founders:If you travel to or run a business in the UAE, keep an eye on whether PhonePe's in-principle approval becomes a final licence, and check then whether any new payment option suits you. Until the licences are actually granted, there may be nothing new to use, so don't change your current payment or remittance setup yet.
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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