After passing a stringent approval process and fulfilling all regulatory requirements, Paymob, the top financial services enabler in MENA-P, announces that it has been awarded the Retail Payment Services License by the Central Bank of the UAE (CBUAE).
Paymob is permitted by the license to provide domestic fund transfers, merchant acquisition, and payment aggregation services within the United Arab Emirates. Paymob’s leadership in the UAE’s digital payments ecosystem is strengthened by this milestone, which makes it possible for the business to offer merchants its entire range of omni-channel solutions that promote competitiveness and growth.
From local SMEs to regional and international brands like Decathlon, Vodafone, LG, Uber, IKEA, and Shahid, Paymob has helped businesses of all sizes optimize payment performance and open up new revenue streams. Since 2018, the company has supported over 390,000 merchants throughout MENA-P. This knowledge puts Paymob in a position to provide UAE merchants with quantifiable value in a quickly changing digital environment.
Islam Shawky, Paymob’s co-founder and CEO, stated:
“This license reflects the trust CBUAE has placed in Paymob to support the UAE’s vision for a cashless, digitally connected economy. As digital payments accelerate across the UAE, we are committed to equipping merchants with scalable tools that enable them to thrive in this dynamic market.”
The RPS license supports the CBUAE’s Fintech Strategy, which aims to develop a financial system that is prepared for the future, and the UAE’s Digital Economy Strategy, which seeks to raise the digital economy’s share of GDP to 20% by 2032. Paymob is in a unique position to benefit from the anticipated $27.3 billion growth in the UAE’s payments market by 2028 by facilitating easier, safer, and more convenient digital payments.
Omar Haddad, Paymob’s General Manager, GCC Cluster II, commented:
“We extend our gratitude to the Central Bank of the UAE for granting us this license and for their unwavering commitment to fostering a robust and innovative financial ecosystem. This approval is a significant milestone that enables Paymob to deliver localised payment solutions tailored to the needs of UAE merchants. We are proud to align with the Central Bank’s vision of a cashless digital economy and are honoured by the trust placed in us.”
Paymob uses its local knowledge to provide merchants with unified payment solutions for in-store, online, and mobile channels. Paymob operates in the United Arab Emirates, Egypt, the Kingdom of Saudi Arabia, Oman, and Pakistan. With its emphasis on localized solutions, Paymob guarantees that merchants can accept payments using more than 50 methods, including a range of mobile wallets, flexible regional options like Tabby and Tamara, and major international cards. Paymob helps businesses to easily and quickly reach new customers by streamlining payment procedures and assisting merchants at every stage of their expansion.
With the RPS license, Paymob will be able to expand both its merchant base and staff in the United Arab Emirates more quickly.
