PhonePe UAE: IPA for Two Payment Licenses
PhonePe secures UAE payment approvals
PhonePe, a digital payments platform, has secured In-Principle Approval (IPA) from the Central Bank of the UAE for two licenses: Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF). The approval follows the successful completion of initial regulatory due diligence and enables PhonePe to work towards securing final approval to commence business operations.
PhonePe will continue working with UAE authorities to complete all prerequisites for final approval ahead of its commercial launch in the UAE.
What PhonePe does
PhonePe is a digital payments platform offering consumer payments, merchant payments, lending and insurance distribution services. Its new platforms include share.market and Indus Appstore.
PhonePe said it has over 72 Crore life-till-date registered users and a digital payments acceptance network spread across over 5 Crore merchants. Its technology architecture handles high transaction volumes, serving over 700 million registered users and 50 million merchants in India.
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PhonePe’s proposed UAE deployment
PhonePe intends to focus on deep ecosystem integration and, upon receipt of final regulatory approval, collaborate with regional banks, licensed payment service providers and local technology vendors.
The company also intends to explore opportunities to support Aani and Jaywan, the UAE’s domestic payment rails, by leveraging its full-stack technology platform. PhonePe aspires for its proposed deployment to complement existing financial infrastructure and support seamless commerce for residents and enterprises.
PhonePe, in partnership with NPCI International Payments Limited, enables Indian travellers in the UAE to scan local QR codes and pay instantly across NEOPAY and Network International terminals via existing cross-border arrangements.
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