PhonePe secures initial UAE central bank approval for RPSCS SVF
PhonePe just scored initial approval from the central bank of the United Arab Emirates (UAE) for two payment licenses: Retail Payment Services and Card Schemes (RPSCS), and Stored Value Facilities (SVF).
This is its first big move outside India, and it is now waiting on final clearance to officially launch in the UAE.
PhonePe plans UAE cashless support
Once fully approved, PhonePe plans to team up with local banks, payment providers, and tech firms to support the UAE's push for a cashless economy.
It plans to explore opportunities to support Aani and Jaywan, the UAE's domestic payment rails, through its technology platform.
Indian travelers will be able to use PhonePe in the UAE, as it already works with NPCI International Payments Limited to enable Indian travelers in the UAE to scan local QR codes and make payments through NEOPAY and Network International terminals under existing cross-border arrangements.