The Central Bank of the UAE (CBUAE) has awarded a Retail Payment Services licence to Tap Payments, the MENA-based payment provider, bolstering the fintech’s aim to unify and simplify payments across the region.
Having secured this latest licence from CBUAE, Tap Payments now boasts regulatory approval from every GCC country, making it one of the most licensed payment providers in the MENA region. It holds regulatory approvals in Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, and the UAE.
“This licence is a pivotal step in our mission to unify and simplify payments across the region,” explained 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 already serves a wide range of UAE clients, including flydubai, Wego, Prypco, and Lulu Hypermarkets, as well as major regional merchants across the GCC, such as Talabat, Careem, Trendyol, Marks & Spencer, and TikTok. Through its payment infrastructure, it aims to help businesses expand across the wider MENA region, unlocking new market opportunities.
This licence 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 per cent by the end of the current year from 36 per cent in 2019.
Ahmad Alwazzan, managing director of UAE at Tap Payments, also added: “Joining the UAE’s exclusive group of licensed 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.”
Capitalising on fintech and payments growth in the UAE
The UAE is now home to the largest number of fintech and payments companies in the region, with 184 firms, and the country’s digital payments sector is growing rapidly. By 2025, the total transaction value is projected to surpass $80billion, with a compound annual growth rate (CAGR) of 13.8 per cent through 2029.
If this trend continues, transaction value will exceed $134billion 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 per cent of all payments by the year 2026, adding over AED8billion ($2.2billion) per annum to the economy using fintech innovation.
The UAE has become one of the leading fintech centres in the MENA region, with Abu Dhabi and Dubai quickly rising to be fintech powerhouses. The UAE is now home to a wealth of related companies, positioning the country as a driving force for financial innovation in MENA. Within the fintech sector, wealthtech, digital banking, as well as alternative lending have recorded remarkable growth rates of 80 per cent, 150 per cent, and 111 per cent, respectively, between 2021 and 2024.
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