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2 clusters · 11 sources · 3 days · First seen · Last updated

PhonePe expansion in India and the UAE

Overview

The Indian fintech company PhonePe is expanding its digital payment operations into the United Arab Emirates while simultaneously strengthening its presence in India.

In the UAE, PhonePe has received in-principle approval from the Central Bank of the UAE (CBUAE) for two payment licenses: Stored Value Facilities (SVF) and Retail Payment Services and Card Schemes (RPSCS). This represents the company’s first regulatory clearance outside of India. The firm intends to integrate its technology with national networks such as Aani and Jaywan to support the UAE’s digital economy.

In India, PhonePe is pursuing a large-scale merchant network expansion. The company plans to hire more than 20,000 sales employees and deploy over 50 lakh payment devices, including POS terminals and SmartSpeakers, with a significant focus on Tier 6 towns and rural areas to integrate small merchants into the formal financial ecosystem.

Entities

Central Bank of the UAE · PhonePe · National Bank of Egypt · NPCI International Payments Limited · Banque Misr

Timeline

  1. 3 days ago

    [BUSINESS] 3 sources
    PhonePe expands digital payment reach in rural India and the UAE

    PhonePe is expanding its footprint by hiring 20,000 sales staff for rural India and securing in-principle payment licenses to launch operations in the UAE.

  2. 5 days ago

    [BUSINESS] 8 sources
    UAE financial sector sees PhonePe license approval and NBE banking acquisition

    PhonePe has secured preliminary UAE payment licenses for expansion, while the National Bank of Egypt prepares to acquire Banque Misr’s UAE branches following regulatory scrutiny.

Sources

1888pressrelease.com · akhber-alwatan.com · egyptdailynews.com · gulfnews.com · kalingatv.com · khaleejtimes.com · latestly.com · meobserver.org · munsifdaily.com · socialnews.xyz · tokenpost.com