Current Context: On 22 September 2026, PhonePe received in-principle approval from the Central Bank of the UAE to enter the country’s regulated payments market. This marks PhonePe’s first international expansion, although commercial operations can begin only after it fulfils regulatory requirements and obtains final authorisation.
Key Points:
- The approval covers Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF).
- RPSCS permits regulated retail and card-based payment services.
- SVF covers prepaid instruments that store money for future payments.
- PhonePe plans to collaborate with regional banks, licensed payment providers and local technology companies.
- It may integrate its technology platform with the UAE’s Aani instant-payment system and Jaywan domestic card scheme.
- PhonePe already facilitates QR payments for Indian travellers at NEOPAY and Network International terminals through its partnership with NPCI International Payments Limited.
Question:
Q1. Which UAE domestic payment systems does PhonePe intend to support through its technology platform?
a) RuPay and UPI
b) FedNow and Zelle
c) Aani and Jaywan
d) Faster Payments and CHAPS
Answer: c) Aani is the UAE’s instant-payment platform, while Jaywan is its domestic card scheme. PhonePe plans to explore integration with both systems as part of its proposed operations in the UAE.
