Walmart-backed payments giant PhonePe has secured in-principle approval from the Central Bank of the UAE for two critical payment licenses, paving the way for its first domestic regulated operations outside India, just ahead of its planned IPO in early 2027.
- PhonePe gets in-principle UAE licenses for retail payments and digital wallets
- Plans first domestic operations outside India pending final approvals
- IPO delayed earlier but now targeted for February–March 2027
Why it matters
This progress also comes as PhonePe prepares to revive its IPO plans, which were paused in March 2026 due to geopolitical instability and market volatility. With clearer UPI merchant discount rate rules improving monetization potential, PhonePe’s move into the UAE can enhance investor confidence and validate its cross-border ambitions.
What to watch next
On the financial front, industry observers will track how PhonePe’s international expansion impacts its revenue and profitability trends amid its IPO preparation. The company is targeting a public listing between February and March 2027, aiming to leverage its dominant domestic position and new international growth drivers to attract investment.