PhonePe, India's leading UPI provider, has secured two payment licenses from the Central Bank of the UAE to establish local operations in Dubai and Abu Dhabi on September 14, 2026. Founder and CEO Sameer Nigam announced at the Global Fintech Fest 2026 that these licenses will enable the company to offer consumer payment products, local wallets, gift cards, and merchant payment acceptance services within the UAE. The company also indicated plans to facilitate India-UAE remittances, allowing for cross-border money transfers.
- PhonePe gets two payment licenses from the Central Bank of the UAE
- Licenses allow local wallets, gift cards, and merchant payments
- Plans include India-UAE cross-border money transfers
While PhonePe currently supports limited UPI international payments through Mashreq's NEOPAY terminals for Indian travelers and allows some NRI users with UAE mobile numbers to link NRE/NRO accounts, these new licenses allow the company to operate within the UAE's domestic payment infrastructure. This expansion will enable the platform to onboard UAE-registered users and merchants directly. Commercial details, including launch dates, transaction charges, exchange-rate structures, and remittance fees, have not yet been disclosed.
The company has cautioned users against engaging with third-party links, unofficial agents, or unauthorized registration claims, urging the public to rely only on official channels. The company emphasized that users should continue using regulated banks and exchange houses until the official service goes live. PhonePe's strategy also incorporates potential interoperability with the UAE's 'Aani' domestic payment platform and the UPI network. Additionally, the company recently announced a partnership with Visa at the Global Fintech Fest on September 9, introducing features such as 'Tap to Pay', 'Cross Border Scan to Pay', and 'Smart Accept' to enhance its international payment ecosystem. Regulatory approvals, banking partnerships, and settlement arrangements will determine the timeline for the actual rollout of the new local services.
