Latest news with #AliAbulhasan
Yahoo
09-04-2025
- Business
- Yahoo
Tap Payments gains retail payment services licence in UAE
Tap Payments has secured a retail payment services licence from the Central Bank of the UAE, marking the full regulatory approval across the Gulf Cooperation Council (GCC) countries. This authorisation allows Tap Payments to operate within the regulatory frameworks of all six GCC nations, including Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, and the UAE. Tap Payments UAE managing director Ahmad Alwazzan added: 'Joining the UAE's exclusive group of licenced payment providers marks a significant milestone for us. This licence enhances our ability to offer businesses in the UAE market-leading, secure, and efficient payment products while ensuring full compliance with local regulations.' Tap Payments CEO and co-founder Ali Abulhasan stated: 'This licence is a pivotal step in our mission to unify and simplify payments across the region. 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.' The company, established by Abulhasan in 2014, offers payment solutions that facilitate transactions for businesses within the Middle East and North Africa (MENA) region. Tap Payments' services are designed to support cross-border commerce and provide against fraudulent activities. Its clientele spans various industries, which includes UAE-based companies such as flydubai, Wego, Insurance Market, Prypco, and Lulu Hypermarkets, as well as regional players like Talabat, Careem, Trendyol, Marks & Spencer, BYD Auto, Tim Hortons, and TikTok. In November 2024, the company collaborated with Mastercard to launch a Click to Pay with Payment Passkey service, aimed at enhancing the eCommerce experience. The rollout commenced in the UAE, with plans to gradually extend it to additional markets across the Middle East, Eastern Europe, and Africa. "Tap Payments gains retail payment services licence in UAE " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Khaleej Times
09-04-2025
- Business
- Khaleej Times
The Central Bank of the UAE awards Tap Payments a full payment services license
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 programmes 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 Dh8 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. 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 programmes like Saudi Vision 2030 aiming to increase non-cash transactions to 70% by the end of the current year from 36% in 2019.
Hi Dubai
09-04-2025
- Business
- Hi Dubai
Tap Payments Secures UAE Central Bank Licence, Expands Footprint in Region's Largest Fintech Market
Tap Payments has officially received a licence from the Central Bank of the United Arab Emirates to provide commercial payment services—marking a significant step in the company's regional expansion strategy. In a press release issued today, Tap Payments underscored the UAE's strategic importance, describing it as the largest fintech and payments hub in the region. The country is currently home to 184 specialized companies in the sector, making it a critical market for digital financial services. The announcement comes amid rapid growth in the UAE's digital payments landscape. The total value of digital transactions in the country is projected to hit US$80.37 billion by 2025. This figure is expected to rise at a compound annual growth rate (CAGR) of 13.8%, exceeding US$134.84 billion by 2029. Ali Abulhasan, Co-Founder and CEO of Tap Payments, called the new licence a 'pivotal achievement,' adding that it aligns with the company's broader mission to 'unify and simplify digital payments across the region.' With this regulatory milestone, Tap Payments is now well-positioned to further scale its offerings and contribute to the UAE's rapidly evolving fintech ecosystem. News Source: Emirates News Agency
Zawya
08-04-2025
- Business
- Zawya
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.'
Al Etihad
08-04-2025
- Business
- Al Etihad
Tap Payments receives payment services licence from Central Bank of UAE
8 Apr 2025 18:17 DUBAI (WAM)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 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 specialised in this vital 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.'
