Tap Payments has secured a licence from the Central Bank of the United Arab Emirates (CBUAE) to provide commercial payment services, the company announced today.
In a press release, the payment processor highlighted the significance of the UAE market, which leads the region in financial technology and payments with 184 specialised companies operating in the sector.
CBUAE approves Tap Payments
“This licence represents a pivotal achievement in our journey to unify and simplify digital payments in the region,” Ali Abulhasan, Co-Founder and CEO of Tap Payments said.
The digital payments industry in the UAE continues to expand rapidly, with transaction values projected to reach $80.37 billion by 2025.
The sector is forecast to grow at a compound annual rate of 13.8 percent through 2029, when transaction values are expected to exceed $134.84 billion.
“This licence represents a pivotal achievement in our journey to unify and simplify digital payments in the region,” said Ali Abulhasan, Co-Founder and CEO of Tap Payments.
The new licence strengthens the company’s position in the UAE market as the company continues its regional expansion.
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