PhonePe secures in-principle approval for UAE operations
Indian digital payments platform PhonePe has received in-principle approval from the Central Bank of the UAE to launch operations in the Emirates. The clearance covers Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) licenses. Final authorisation and commercial launch are still pending.
- PhonePe received RPSCS and SVF license approvals from CBUAE
- Platform serves over 700 million users and 50 million merchants in India
- After launch PhonePe plans to integrate with UAE rails Aani and Jaywan
- Indian travelers in UAE already use PhonePe QR payments at NEOPAY and Network International terminals
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