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India's PhonePe gets initial UAE central bank nod for payment licences

Sept 22 (Reuters) - Digital ⁠payments platform PhonePe said on Tuesday it received ⁠in-principle approval from the UAE central bank for ‌two licenses covering retail payment services, card schemes, and stored value facilities.

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印度支付公司PhonePe获得阿联酋央行初步批准,可颁发支付牌照。

FILE PHOTO: QR codes of digital payment firms PhonePe and Paytm are seen on the counter of a grocery store in Ahmedabad, India, February 5, 2024. REUTERS/Amit Dave/File Photo

Sept 22 (Reuters) - Digital ⁠payments platform PhonePe said on Tuesday it received ⁠in-principle approval from the UAE central bank for ‌two licenses covering retail payment services, card schemes, and stored value facilities.

The Walmart-backed fintech firm said the approval follows initial regulatory ​due diligence and that it ⁠still needs final central ⁠bank sign-off before it can begin commercial operations in the ⁠Gulf ‌state.

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