Company to seek final approval before starting operations; plans to explore supporting UAE’s domestic payment rails Aani and Jaywan PhonePe has received in-principle approval from the Central Bank of the UAE (CBUAE) for two licences, one for retail payment services and card schemes (RPSCS) and the other for stored value facilities (SVF), the company said on Tuesday. The Walmart-backed company will now work towards final approval before it can start business operations in the country.

Founder and chief executive Sameer Nigam had said on September 9 that the UAE would be PhonePe’s first foreign market.

The SVF licence would allow PhonePe to run wallets that hold prepaid balances for customers, while the RPSCS licence covers activities such as merchant acquiring and payment aggregation. PhonePe has not given a timeline for its commercial launch.

Once it gets final approval, PhonePe plans to work with regional banks, licensed payment service providers and local technology vendors. It also plans to explore ways to support Aani and Jaywan, the UAE’s domestic payment rails, using its technology platform.

Aani was unveiled in 2023 as an instant payments platform under the central bank’s Financial Infrastructure Transformation programme, and Jaywan, launched in 2024, is the UAE’s first national domestic card scheme. Both are operated by Al Etihad Payments, a subsidiary of the central bank. Jaywan was developed in partnership with NPCI International.

“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,” said Ritesh Pai, CEO and executive director, international payments, at PhonePe.

PhonePe’s app already works in the UAE for Indian travellers, through NPCI International Payments. They can scan local QR codes and pay at NEOPAY and Network International terminals. These payments draw on Indian bank accounts.

The development comes as several global payments companies are preparing to enter the UAE. Ant International received in-principle approval for the same two licences in August 2025. UK digital bank Revolut received SVF and RPS licences from the CBUAE in June.

In India, PhonePe had over 720 million registered users and a payments acceptance network of over 50 million merchants as of August.