Current Affairs - Finance - Discussion

PhonePe secured in-principle approval for two key payment licenses from the Central Bank of the UAE on September 23, 2026. The licenses are Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF). These approvals will enable PhonePe to support the UAE’s domestic payment systems, including Aani, which is comparable to India’s UPI, and Jaywan, the UAE’s domestic card scheme equivalent to RuPay. The company plans to deploy digital wallets, gift cards and e-payment acceptance infrastructure for local merchants. This marks PhonePe’s first international market entry and expands its existing UPI payment services for Indian travellers in the UAE.