Digital payments platform PhonePe has secured in-principle approval from the Central Bank of the UAE (CBUAE) to launch operations in the Emirates, marking a major step forward in its international expansion plans. The regulatory clearance covers two key licenses: Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF). With initial steps complete, PhonePe is now working toward final authorisation before launching commercial operations in the region. “The UAE’s vision and regulatory environment make it an ideal setting for our international journey,” said Ritesh Pai, CEO and Executive Director, International Payments at PhonePe, per a statement. “By combining world-class technology with local partnerships, PhonePe intends to support the strong economic and trade corridors connecting the UAE, India, and global markets.” According to the statement, PhonePe’s expansion into the UAE aligns with the country’s Financial Infrastructure Transformation (FIT) programme, targeting deep integration with local financial ecosystems. Upon its final launch, the platform plans to integrate into the UAE’s domestic payment rails called Aani and Jaywan, leveraging its full-stack technology platform that currently serves over 700 million users and 50 million merchants in India. Through NPCI International Payments Limited (NIPL), PhonePe already allows Indian travelers in the UAE to make instant QR payments at NEOPAY and Network International terminals.