India's PhonePe gets UAE central bank's initial payment approval

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India’s PhonePe gets UAE central bank’s initial approval for payment licences

September 22, 2026

DUBAI,— PhonePe has won early approval from the UAE central bank for two licenses that would let the Indian digital payments company offer retail payment services, card schemes, and stored value facilities in the Gulf nation, the company said in a statement on Tuesday.

The Walmart-backed fintech firm noted that this initial approval came after the central bank’s early regulatory review.

Full sign-off from the bank is still needed before PhonePe can start business operations in the UAE.

“Upon receipt of final regulatory approval, the company looks forward to collaborating with regional banks, licensed payment service providers, and local technology vendors,” PhonePe said in its statement.

PhonePe was founded in 2016 and runs a payment app that allows people to recharge phones, pay bills, and transfer money through India’s Unified Payments Interface system.

Earlier this year, PhonePe paused plans for its highly anticipated stock market debut, pointing to global political tension and shaky market conditions worldwide.

The firm said it would restart the listing once markets settle down.

Two people familiar with the matter told Reuters in March that PhonePe is aiming for a valuation between $9 billion and $10.5 billion when it eventually goes public.

Documents tied to the planned IPO showed Walmart intends to sell roughly 12% of its stake in PhonePe, while investors Tiger Global and Microsoft plan to sell their entire holdings.

(With files from Reuters, phonepe.com)