Posted 16 days ago

Indian Expats in UAE - Reaction to PhonePe CBUAE Approval

Okay, this one's personal. If you know me, you know PhonePe is basically how I pay for everything back home in India. Paying the grocery guy. Sending payments to my freelance team. Even paying the autowala. I never had to carry cash, only my phone is enough to go anywhere. So when I saw PhonePe just cleared CBUAE approval, it genuinely felt like a little piece of home showing up here. So, the update is that PhonePe received an in-principle approval from the UAE Central Bank, for two payment licences, RPSCS and Stored Value Facilities yesterday. Here is the PhonePe's first-ever international regulatory approval. India's biggest UPI platform, 45% of the market, 700 million-plus users, stepping outside India for the first time, and choosing the UAE to do it. It's building around Aani and Jaywan, the UAE's own instant-payment and card rails, working with local banks to do it properly. If this makes it all the way to a full licence, I might actually get to use the app I already trust, here, in Dubai. Congratulations to Ritesh. Pai and the PhonePe team on this milestone. P.S. New here? I cover UAE and GCC fintech on UAE Fintech Vibes. If you're building something in this space, I want to hear about it. Follow/connect if you want UAE fintech updates in your feed.
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