Tap Payments receives payment services licence from Central Bank of UAE
Tap Payments announced today that it has obtained a licence to provide commercial payment services from the Central Bank of the United Arab Emirates, in a step that strengthens the company's presence in the UAE market.
The company emphasised in a press release the importance of the UAE market, which is the largest in the region in the field of financial technology and payments, hosting 184 companies specialized in this vital sector.
According to the press release, the digital payments sector in the UAE is witnessing rapid growth, with the total value of transactions expected to reach about US$80.37 billion by 2025, at a compound annual growth rate estimated at 13.8 percent through 2029, exceeding US$134.84 billion by that year.
Ali Abulhasan, Co-Founder and CEO of Tap Payments, said, 'This licence represents a pivotal achievement in our journey to unify and simplify digital payments in the region.'
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