Hyderabad, Sept. 26 -- India-based digital payments company PhonePe has received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for two payment licences as it prepares to expand its operations in the UAE.

The approval covers the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) licences. It follows the completion of the initial regulatory due diligence.

PhonePe will need to secure final regulatory approval before it can begin commercial operations in the country.

As part of its proposed expansion, PhonePe plans to work with local banks, licensed payment service providers and technology companies. The company is also exploring opportunities to support Aani and Jaywan, the UAE's dome...