PhonePe Secures UAE License for International Expansion

Indian fintech firm PhonePe is expanding internationally after receiving its first foreign license from the Central Bank of the United Arab Emirates (UAE). The license enables the company to launch local operations in the region, marking its first international market.

PhonePe has previously facilitated UPI payments for Indian users in select international locations such as the US and Singapore. The new UAE license will allow PhonePe to offer full-scale payment services locally, rather than merely facilitating transactions for Indian travelers abroad.

The announcement was made at the Global Fintech Fest, where the company also revealed new partnerships with Visa. These include the launch of cardless payment solutions like Tap to Pay and Cross Border Scan to Pay, along with Smart Accept, which allows small merchants to accept card payments directly on their smartphones.

These developments coincide with PhonePe's preparations for a stock market listing. The company has filed its initial public offering (IPO) documents in India, although plans have been temporarily paused due to geopolitical tensions and market volatility.