UAE Central Bank Grants Tap Payments Full Payment Services License

(MENAFN- The Arabian Post) Arabian Post Staff -Dubai

The Central Bank of the United Arab Emirates has officially granted Tap Payments a Retail Payment Services license, marking a significant advancement for the fintech company in the Middle East and North Africa region. This authorization enables Tap Payments to offer comprehensive payment solutions, including merchant acquiring, payment aggregation services, and domestic fund transfers within the UAE.

Established in 2014, Tap Payments has rapidly expanded its footprint across the MENA region, serving over 100,000 businesses in countries such as Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, Egypt, Jordan, Lebanon, and the UAE. The company's mission centers on simplifying online payments and fostering financial inclusion through innovative technology.

The acquisition of the UAE license aligns with Tap Payments' strategic vision to unify and streamline payment processes across the region. This development is particularly timely, as the UAE's e-commerce market is projected to reach $17 billion by 2025, reflecting a compound annual growth rate of 11%. The surge in digital transactions underscores the growing demand for secure and efficient payment solutions.

In addition to the UAE, Tap Payments has secured regulatory approvals in several other Gulf Cooperation Council countries. In March 2024, the company obtained the Electronic Payment Service Provider License from the Central Bank of Kuwait, adhering to the latest business regulations issued in May 2023. This achievement underscores Tap Payments' commitment to compliance and innovation in the financial technology sector.

In May 2024, Tap Payments received the Payment Service Provider license from the Qatar Central Bank. This milestone aligns with Qatar's National Vision 2030, emphasizing the country's dedication to fostering a robust digital economy. The license enables Tap Payments to offer its full suite of payment solutions to businesses and consumers in Qatar, further solidifying its presence in the region.

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