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Indian payments giant PhonePe receives approval for UAE
- UAE to gain access to fintech
- PhonePe backed by Walmart
- Company set to launch IPO
PhonePe, one of the world’s largest digital payments companies, has received in-principle approval from the Central Bank of the UAE to operate in the emirates.
The Indian fintech, which is backed by Walmart, handles about half of transactions on India’s Unified Payments Interface, the country’s system for instant payments and transfers between bank accounts via mobile apps.
The company has attained approval for two licences in the UAE, covering retail payment services and card schemes, which aligns with Gulf nation’s cashless economy vision.
“We are working along with the authorities to fulfil all regulatory prerequisites required ahead of commercial launch,” Ritesh Pai, CEO and executive director of international payments at PhonePe, told AGBI.
He said the official launch timeline would be shared once final regulatory approvals are granted.
Pai said PhonePe’s strategy is to build partnerships with local businesses and complement the existing financial infrastructure, as each market has its own regulatory framework, consumer behaviour and payment infrastructure.
UAE residents will be able to use PhonePe for everyday payments, utility bill processing, QR merchant transactions, local consumer wallets and cross-border remittances to multiple global markets.
Asked about potential expansion plans for the GCC, Pai said the “immediate priority” was to establish operations in the UAE, but the licences mark the start of its international growth.
“Future market expansions will be evaluated based on regulatory frameworks, strategic corridors with India, and long-term business sustainability,” he said.
Further reading:
- Revolut sets out UAE ambitions after regulatory approvals
- Money senders turn to tech in shake-up of remittance market
- UAE card payments to surpass $150 billion
Launched in 2016, PhonePe operates a payments application that allows users to recharge, pay bills and transfer money. It currently serves more than 700 million registered users and 50 million merchants in India.
PhonePe is targeting a valuation of $9 billion to $10.5 billion in an IPO, Reuters reported in March.
Source: AGBI