The Central Bank of the UAE awards tap payments a full payment services license
Dubai, UAE: Tap Payments has been awarded a Retail Payment Services License by the Central Bank of the UAE (CBUAE), completing its regulatory approvals across the entire GCC. The UAE is home to the largest number of fintech and payments companies in the region, with 184 firms. With approvals now spanning every GCC country, Tap Payments is now one of the most licensed payment providers in the region. This milestone reinforces Tap Payments' commitment to full compliance as it continues advancing its mission to unify and simplify payments across MENA. The company now holds regulatory approvals in Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, and the UAE.
The UAE's digital payments sector is growing rapidly. By 2025, the total transaction value is projected to reach $80.37 billion, with a compound annual growth rate (CAGR) of 13.8% through 2029. If this trend continues, transaction value is expected to exceed $134.84 billion by 2029. In addition, domestically initiated programs such as the Dubai Cashless Strategy (DCS), launched in October 2024, aim to encourage cashless payment options in the public and private sector. The DCS initiative aims to facilitate cashless transactions for 90% of all payments by the year 2026, adding over AED 8 billion (US$2.2 billion) per annum to the economy using fintech innovation.
'This license is a pivotal step in our mission to unify and simplify payments across the region,' said Ali Abulhasan, Co-Founder and CEO of Tap Payments. 'With regulatory approvals in every GCC market, we are uniquely positioned to help businesses scale locally and expand across borders, while operating within a trusted, fully compliant framework.'
Tap Payments serves leading UAE clients such as flydubai, Wego, Insurance Market, Prypco, and Lulu Hypermarkets, as well as major regional merchants across the GCC, including Talabat, Careem, Trendyol, Marks & Spencer, BYD Auto, Tim Hortons, and TikTok. Through reliable and efficient payment infrastructure, it helps businesses connect and expand across the wider MENA region, unlocking new market opportunities.
Fueling the Future of Digital Payments in the UAE
The UAE has become one of the leading fintech centers in the MENA region, with Abu Dhabi and Dubai fast rising to be fintech powerhouses. The UAE is now home to a variety of related companies, positioning the country as a driving force for financial innovation in MENA. Within the fintech sector, wealthtech, digital banking, and alternative lending have recorded remarkable growth rates of 80%, 150%, and 111% respectively over the 2021-2024 period.
Ahmad Alwazzan, Managing Director of UAE at Tap Payments, added: 'Joining the UAE's exclusive group of licensed payment providers marks a significant milestone for us. This license enhances our ability to offer businesses in the UAE market-leading, secure, and efficient payment products while ensuring full compliance with local regulations.'
This license aligns Tap Payments with the UAE's vision for a future-proof, digitally driven financial landscape. Similar initiatives are spreading across the region, with programs like Saudi Vision 2030 aiming to increase non-cash transactions to 70% by the end of the current year from 36% in 2019.
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About TAP Payments
Founded in 2014, Tap Payments is a leading payment institution and technology provider transforming digital transactions across MENA. Trusted by over 120,000 businesses, Tap simplifies payments with secure, locally tailored products built for the realities of the region. With regulatory licenses across MENA, Tap Payments is driving the future of digital commerce.
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