PhonePe is entering the UAE as its first overseas market after securing two licences from the Central Bank of the UAE. The Indian fintech plans to offer wallets, gift cards, remittances and local merchant acquiring, according to The Economic Times and Business Standard.
PhonePe UAE expansion starts with two licences
PhonePe co-founder and chief executive Sameer Nigam announced the move at the Global Fintech Festival in Mumbai. “PhonePe will be launching its local operations in the UAE as our first foreign market,” he said.
Business Standard reports that the licences cover consumer payment instruments and e-payment acceptance infrastructure for merchants. The services will allow PhonePe to launch its own wallet and gift cards, while merchant acquiring will support payments at UAE-based points of sale.
Nigam also said PhonePe expects the UAE operation to support remittances between the UAE and India. He described the expansion as the first step in a planned global business, though the company has not announced a launch date, fees or a timeline for individual services.
What PhonePe’s UAE launch means for users
The initial audience includes Indian residents and the wider Indian diaspora, who could use the service for payments and transfers once it becomes operational. UAE-registered users may also be able to make domestic payments through PhonePe’s wallet and merchant network.
The company has not said whether its UAE wallet will connect directly to India’s UPI system, or how it will work alongside the UAE’s existing Aani payment network. Business Standard reported that UPI is already connected with the local network, but the new PhonePe services and their rollout details are still to be confirmed.
The PhonePe UAE expansion puts another wallet and remittance service into a market that already includes local payment apps and international transfer providers. The licence is in place; the app’s arrival is the part still waiting for a date.
Internal context is available in our coverage of Wise joining the MENA Fintech Association and botim money’s Mastercard remittance service.
What services will PhonePe offer in the UAE?
PhonePe plans to offer a wallet, gift cards, remittances and merchant acquiring for UAE payments.
When will PhonePe launch in the UAE?
PhonePe has not announced a public launch date for its UAE operations.
