Tap Payments Gains UAE License, Achieves Full GCC Regulatory Approval

Tap Payments has obtained a Retail Payment Services License from the Central Bank of the UAE, achieving regulatory compliance across the GCC. This enables the company to provide compliant digital payment solutions in a rapidly growing UAE market, expected to reach $80.37 billion by 2025. Key business partnerships and initiatives in cashless transactions further support its operational goals in the region.

Tap Payments has secured a Retail Payment Services License from the Central Bank of the UAE (CBUAE), solidifying its regulatory framework across the Gulf Cooperation Council (GCC). This achievement enhances Tap Payments’ capacity to deliver compliant digital payment solutions throughout the region, marking it as one of the most licensed payment providers within the GCC. Now sanctioned in Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, and the UAE, Tap Payments emphasizes its commitment to compliance as it aims to unify and simplify transactions across the Middle East and North Africa (MENA).
The UAE’s digital payment landscape is experiencing rapid expansion, with transaction values expected to reach approximately $80.37 billion by 2025, expanding at a compound annual growth rate (CAGR) of 13.8% until 2029. If growth trends persist, the projected transaction value could surpass $134.84 billion by 2029. Additionally, initiatives like the Dubai Cashless Strategy, set to launch in October 2024, encourage cashless transactions and aim for 90% cashless payment adoption by 2026, contributing an estimated AED 8 billion (US$2.2 billion) annually to the economy through fintech innovation.
“This license 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.” – Ali Abulhasan, Co-Founder and CEO, Tap Payments.
Tap Payments is currently partnered with prominent clients in the UAE, including flydubai, Wego, Insurance Market, Prypco, and Lulu Hypermarkets, along with regional merchants like Talabat, Careem, Trendyol, Marks & Spencer, BYD Auto, Tim Hortons, and TikTok. Its reliable payment infrastructure supports businesses’ ability to connect and expand across the MENA region while creating new market opportunities.
The UAE is establishing itself as a leading fintech hub in MENA, with cities like Abu Dhabi and Dubai emerging as key players in financial innovation. The fintech sector is demonstrating robust growth, with wealthtech, digital banking, and alternative lending experiencing increases of 80%, 150%, and 111% respectively from 2021 to 2024.
“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.” – Ahmad Alwazzan, Managing Director of UAE, Tap Payments.
The licensing reinforces Tap Payments’ alignment with the UAE’s vision for a digitally driven financial future, resonating with similar regional initiatives like Saudi Vision 2030, which aims for non-cash transaction percentages to reach 70% by the end of this year, an increase from 36% in 2019.

The successful acquisition of a Retail Payment Services License by Tap Payments underscores its commitment to regulatory compliance across the GCC. This development positions Tap Payments to better serve the growing digital payment market in the UAE and regionally, enhancing its capabilities in providing secure and efficient payment solutions. The ongoing trends in digital payments indicate robust growth potential, further accelerating financial innovation in the MENA region.

Original Source: techafricanews.com