Indian digital payments company PhonePe is preparing to take its business beyond the domestic market, with CEO and co-founder Sameer Nigam outlining an international expansion strategy for the coming years.
Speaking at the Moneycontrol Startup Conclave on September 26, Nigam said he would work closely with PhonePe’s international business leadership as the company explores new overseas markets. The UAE has emerged as the first major step in this strategy.
UAE Becomes the First Major Overseas Market
PhonePe recently received in-principle approval from the Central Bank of the UAE for two payment licences covering retail payment services, card schemes and stored-value facilities.
The approval followed initial regulatory due diligence, but PhonePe still needs final regulatory clearance before it can begin commercial operations in the UAE.
The move would take PhonePe beyond its existing role of enabling Indian travellers to make UPI payments at participating merchants in the UAE.
From UPI Payments to a Local Payments Business
PhonePe plans to establish a locally regulated payments operation and work with UAE banks, licensed payment providers and technology companies.
The company has also indicated that it wants to explore integration with the UAE’s domestic payment infrastructure, including Aani and Jaywan.
This could allow PhonePe to develop services aimed not only at Indian visitors but also at users and merchants within the UAE.
Looking Beyond the UAE
Nigam said PhonePe has already filed for regulatory approvals in other markets. The company wants to build a global business over the next decade, with the UAE serving as an important starting point.
The company is particularly looking at markets connected to Indian travellers and businesses, including Singapore and countries in Southeast Asia.
Building on India’s Digital Payments Scale
PhonePe has built a large domestic payments network through UPI. According to the company, its platform had more than 700 million registered users and over 50 million merchants as of August 2026.
Taking that technology overseas, however, requires more than simply extending UPI. PhonePe will need to work with local regulators, financial institutions and payment networks in each market.
A New Phase for PhonePe
The company’s international push marks a shift from primarily serving India’s digital payments ecosystem toward developing a broader global fintech presence.
The UAE regulatory approvals are an important early step, but PhonePe’s international plans will depend on securing final approvals and adapting its technology and payment services to the requirements of individual markets.