Paymob, a leading financial services enabler in the Middle East, North Africa, and Pakistan (MENA-P), has announced that it has successfully obtained the Retail Payment Services (RPS) License from the Central Bank of the UAE (CBUAE). This significant milestone comes after meeting all regulatory conditions and undergoing a rigorous approval process, underscoring Paymob’s commitment to compliance and excellence in the digital payments space.
The RPS license authorizes Paymob to provide merchant acquiring, payment aggregation services, and domestic fund transfer solutions within the UAE. This authorization enables Paymob to offer its comprehensive suite of omni-channel payment solutions, helping merchants optimize payment performance, drive growth, and remain competitive in the dynamic UAE market.
Paymob has been at the forefront of enabling financial services across MENA-P since 2018, supporting over 390,000 merchants, including global and regional brands like Decathlon, Vodafone, LG, Uber, IKEA, and Shahid. With this new license, Paymob is well-positioned to extend its expertise to UAE merchants, providing them with scalable tools to thrive in a rapidly evolving digital economy.
Commitment to the UAE’s Cashless Economy Vision
Paymob’s achievement aligns with the UAE’s broader vision of fostering a cashless, digitally connected economy. The UAE’s Digital Economy Strategy aims to increase the digital economy’s contribution to 20% of the GDP by 2032, while the Central Bank’s Fintech Strategy seeks to create a future-ready financial system.
“The RPS 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,” said Islam Shawky, Co-founder and CEO of Paymob.
With the UAE’s payments market expected to grow to $27.3 billion by 2028, Paymob is poised to capitalize on this growth by making digital payments more secure, seamless, and accessible for merchants of all sizes.
Localized and Diverse Payment Solutions
Paymob’s operations across UAE, Egypt, Saudi Arabia, Oman, and Pakistan enable the company to deliver regionally tailored solutions. The platform allows merchants to accept payments through over 50 methods, including major international cards, flexible regional options such as Tabby and Tamara, and various mobile wallets. By simplifying payment processes and providing comprehensive support, Paymob empowers businesses to reach new customers with ease and agility.
“Obtaining this license is a significant milestone that allows Paymob to deliver localized payment solutions tailored to the needs of UAE merchants. We are proud to align with the Central Bank’s vision of a cashless economy and are honored by the trust placed in us,” said Omar Haddad, General Manager of Paymob’s GCC Cluster II.
Read also: MoneyHash Raises $5.2M to Optimize Payments in the MEA Region
Driving Growth in the UAE Market
Moreover, with the RPS license, Paymob plans to accelerate the growth of its team and expand its merchant base in the UAE. By leveraging its proven expertise and robust technology infrastructure, Paymob aims to empower local businesses with innovative payment solutions across in-store, online, and mobile channels.
The company’s commitment to localized solutions ensures that merchants not only gain access to cutting-edge technology but also benefit significantly from tailored tools that cater to the unique needs of the UAE market. Paymob’s efforts are designed to enhance connectivity, foster innovation, and contribute to the overall growth of the country’s digital economy.
Finally, as Paymob strengthens its presence in the UAE, it continues to focus on building an inclusive and innovative payment ecosystem across the region. The company’s leadership in the digital payments sector is a testament to its dedication to empowering merchants and supporting the UAE’s vision for a technologically advanced financial landscape.
