India's PhonePe gets initial UAE central bank approval for payment licenses

On September 22, 2026, PhonePe, an Indian digital payments platform backed by Walmart, announced it received in-principle approval from the UAE central bank for two licenses covering retail payment services, card schemes, and stored value facilities. This approval is a key step toward launching locally licensed operations in the Gulf state. The company still needs final regulatory approval before starting commercial operations. PhonePe, launched in 2016, offers a payments app using India's UPI network. Earlier this year, it put its IPO on hold due to market volatility, targeting a valuation of $9-10.5 billion.