PhonePe secures UAE central bank approval for two payment licences

PhonePe has secured approval from the UAE central bank for two payment licences, a significant step towards expanding its operations in the country. This approval allows PhonePe to offer various payment services in the UAE, including domestic and international transactions. The move is expected to boost the digital payments firm's presence in the Middle East region and potentially attract more customers in the UAE. This expansion could also have a positive impact on the Indian economy, as PhonePe is a subsidiary of Flipkart, an Indian e-commerce giant.

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The UAE central bank has given initial approval to an Indian digital payments firm. This could increase competition and innovation in the UAE's payments sector.

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