Indian Fintech Giant PhonePe Secures Preliminary CBUAE Licenses in First International Expansion
Indian digital payments leader PhonePe has secured preliminary approval from the Central Bank of the UAE (CBUAE) for two critical operational licenses, marking the company’s inaugural foray into international markets. The preliminary approvals—covering Retail Payment Services and Card Schemes, as well as Stored Value Facilities—clear the initial regulatory pathway for PhonePe to fulfill final compliance requirements and commence commercial operations in the Emirates.
Ritesh Pai, CEO of International Payments at PhonePe, noted that the UAE’s progressive regulatory framework and vision for an interconnected digital economy make it the ideal launchpad for the company's global expansion. Rather than operating in a silo, PhonePe’s strategy revolves around deep integration with the UAE’s existing financial ecosystem.
Strategic Integration and Scale Metrics
PhonePe plans to leverage its massive technological infrastructure—built to handle unprecedented transaction volumes in India—to support and integrate with local UAE payment rails and financial institutions.
Strategic Pillar / MetricImplementation Details & Scale
Local Ecosystem IntegrationPlans to partner with regional banks, local tech firms, and licensed providers to support the UAE's Financial Infrastructure Transformation programme. This includes potential integration with domestic payment networks like 'Aani' and 'Jaywan'.
Current UAE FootprintAlready facilitates cross-border payments for Indian travelers in the UAE. Through a partnership with NIPL, users can scan local QR codes to pay instantly via NEOPAY and Network International POS terminals.
Global User BaseSurpassed 720 million registered users (as of August 2026).
Merchant NetworkOperates a vast digital payment acceptance network comprising over 50 million merchants.