PhonePe gets in-principle approval for two UAE payment licences
2 min read
PhonePe has received in-principle approval from the UAE central bank for two licences covering retail payment services, card schemes and stored value facilities.
| Photo Credit:
bl-online Administrator
Digital payments platform PhonePe announced on Tuesday that it has received in-principle approval from the UAE central bank for two licenses covering retail payment services, card schemes, and stored value facilities.
The Walmart-backed fintech firm stated that the approval follows initial regulatory due diligence, though it still requires final central bank sign-off before commencing commercial operations in the Gulf state.
“Upon receipt of final regulatory approval, the company looks forward to collaborating with regional banks, licensed payment service providers, and local technology vendors,” it said.
Launched in 2016, PhonePe offers a payments application that allows users to recharge, pay bills, and send money through India’s Unified Payments Interface network.
Earlier this year, the company put its closely watched initial public offering on hold, citing geopolitical uncertainty and volatile global market conditions. It has stated it will revive the listing process once market stability improves.
PhonePe is targeting a valuation of $9 billion to $10.5 billion in the IPO, according to two sources with direct knowledge of the matter who spoke to Reuters in March.
The IPO filing showed Walmart plans to cut its stake in the fintech firm by about 12% through the offering, while existing investors Tiger Global and Microsoft intend to fully exit.
Published on September 22, 2026
