PhonePe secures UAE payment license; Revolut gains Argentina bank approval
PhonePe received in‑principle approval from the UAE central bank for payment licenses, and Revolut obtained Argentina central bank clearance to acquire Banco Cetelem. In the UAE, 86% of consumers say acceptance of their preferred payment method affects where they shop, according to PYMNTS Intelligence.
PhonePe plans to work with regional banks and licensed payment providers while exploring connections to Aani, the UAE’s instant payment platform, and Jaywan, its domestic card scheme. After closing the Banco Cetelem acquisition, Revolut expects the entity to become Revolut Bank Argentina but will not immediately offer products as it completes regulatory and operational preparations. PYMNTS Intelligence reported that Pix is used by roughly 70% of Brazil’s population and processes more transactions than Visa and Mastercard combined.
PhonePe already enables Indian travelers to use UPI at participating UAE merchants through its arrangement with NPCI International Payments Limited. Its domestic scale in India was built on the widely used interoperable payment layer of UPI. Revolut’s international growth has relied on a mix of banking licenses and other regulatory structures across markets.
What we know
PhonePe received in‑principle approval from the Central Bank of the UAE for Retail Payment Services and Card Schemes and Stored Value Facilities licenses.
Revolut received approval from Argentina’s central bank to acquire Banco Cetelem Argentina from BNP Paribas Personal Finance.
In the UAE, 86% of consumers say acceptance of their preferred payment method affects where they shop, according to the September PYMNTS Intelligence Global Digital Shopping Index: UAE Playbook.
Pix is used by roughly 70% of Brazil’s population and processes more transactions than Visa and Mastercard combined.
PhonePe's arrangement with NPCI International Payments Limited allows Indian travelers to use UPI at participating UAE merchants.