Latest news with #RetailPaymentServicesLicense
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.
Zawya
08-04-2025
- Business
- Zawya
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. Media Enquiries Please contact MD of Hivemind Creative Marketing Email: ben@ 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.
Trade Arabia
25-03-2025
- Business
- Trade Arabia
Telr wins Retail Payment Services Licence in UAE
Telr, an award-winning leader in digital payments across MENA, has secured a Retail Payment Services License (RPS) by the Central Bank of the UAE, marking a transformative milestone in its mission to drive financial innovation and seamless digital transactions. After successfully meeting all regulatory conditions and requirements through a thorough approval process, this prestigious approval allows Telr to expand and revolutionize merchant acquiring and enhance payment aggregation solutions within the UAE. This strengthens Telr's position as a trusted, forward-thinking payment provider, delivering a cutting-edge, secure, and efficient suite of solutions for businesses of all sizes. By advancing its technology and broadening its compliant offerings, Telr continues to empower merchants, accelerate business growth, and redefine the future of digital payments in the UAE. Khalil Alami, Founder and CEO of Telr, said: "We are honoured by the Central Bank of the UAE's trust and recognition. This achievement cements our role as a pioneer in digital payments, fuelling our drive for innovation and empowering businesses to thrive in an increasingly cashless economy." As the UAE's digital economy continues to thrive, Telr Payment Gateway remains at the forefront of digital transformation. Coupled with its recent recognition in the Future 100 - a national initiative led by the UAE Ministry of Economy and the Office of Government Development and the Future - and securing a spot on the Forbes Middle East Fintech 50 List, Telr continues to rank among the region's top digital finance innovators.
Zawya
20-03-2025
- Business
- Zawya
Telr has been granted the Retail Payment Services License from the Central Bank of the UAE
DUBAI, UAE – Telr, an award-winning leader in digital payments across MENA, has secured a Retail Payment Services License (RPS) by the Central Bank of the UAE, marking a transformative milestone in its mission to drive financial innovation and seamless digital transactions. After successfully meeting all regulatory conditions and requirements through a thorough approval process, this prestigious approval allows Telr to expand and revolutionize merchant acquiring and enhance payment aggregation solutions within the UAE. This strengthens Telr's position as a trusted, forward-thinking payment provider, delivering a cutting-edge, secure, and efficient suite of solutions for businesses of all sizes. By advancing its technology and broadening its compliant offerings, Telr continues to empower merchants, accelerate business growth, and redefine the future of digital payments in the UAE. Khalil Alami, Founder and CEO of Telr, expressed his gratitude: We are honored by the Central Bank of the UAE's trust and recognition,". Alami added, "This achievement cements our role as a pioneer in digital payments, fueling our drive for innovation and empowering businesses to thrive in an increasingly cashless economy. As the UAE's digital economy continues to thrive, Telr Payment Gateway remains at the forefront of digital transformation, Coupled with its recent recognition in the Future 100 - a national initiative led by the UAE Ministry of Economy and the Office of Government Development and the Future - and securing a spot on the Forbes Middle East Fintech 50 List, Telr continues to rank among the region's top digital finance innovators. Telr powers digital commerce across the UAE, KSA, Bahrain, and Jordan with seamless payments, e-wallet integrations, BNPL, financing, and split payments for marketplaces. As a PCI-certified payment gateway, Telr provides businesses with unified APIs for secure, instant payment acceptance across web, mobile, and social media, ensuring a frictionless digital payment experience. About Telr: Established in 2014, Telr, the UAE-based award-winning payment gateway solutions provider, offers a unique platform that enables payment handling in over 120 currencies and 30 languages in UAE, KSA, Bahrain, and Jordan with the highest level of security. Through a single integration, Telr grants access to every payment method, including Visa, Mastercard, American Express, UnionPay, JCB, Apple Pay, PayPal, Samsung Pay, SADAD, Mada, STC Pay, and urpay. With its one-stop mindset, Telr extended its service seven further, offering a complete solution for the e-commerce world. This covers a wide range of financial and business services, including social commerce, QR Codes, digital invoicing, Telr Buy Now Pay Later (BNPL), and Telr Finance, a merchant financing program. Telr is the first PCI-DSS Level 1 & NESA-certified company in MENA. Learn more at connect with us at
