Tap Payments has secured a Retail Payment Services License from the Central Bank of the UAE (CBUAE), completing its regulatory approvals throughout the Gulf Cooperation Council (GCC). With this new license, Tap Payments is now one of the most licensed payment providers in the region, reinforcing its commitment to compliance as it works to unify and simplify digital payments across the Middle East and North Africa (MENA). The company has also obtained regulatory approvals in Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman.

The digital payments sector in the UAE is experiencing rapid growth, with total transaction values projected to reach $80.37 billion by 2025. This figure represents a compound annual growth rate (CAGR) of 13.8% through 2029, with expectations that the transaction value could exceed $134.84 billion by that year. Initiatives like the Dubai Cashless Strategy (DCS), launched in October 2024, aim to promote cashless payments across both public and private sectors. The DCS seeks to facilitate cashless transactions for 90% of all payments by 2026, potentially adding over AED 8 billion (approximately US$2.2 billion) to the economy through fintech innovation.

Ali Abulhasan, Co-Founder and CEO of Tap Payments, emphasized the significance of this license, stating that it is a crucial step in their mission to unify and simplify payments across the region. He noted that with regulatory approvals in every GCC market, Tap Payments is uniquely positioned to assist businesses in scaling locally and expanding across borders within a fully compliant framework.

Tap Payments serves notable clients in the UAE, including flydubai, Wego, Insurance Market, Prypco, and Lulu Hypermarkets. The company also collaborates with major regional merchants across the GCC, such as Talabat, Careem, Trendyol, Marks & Spencer, BYD Auto, Tim Hortons, and TikTok. By providing reliable and efficient payment infrastructure, Tap Payments helps businesses connect and expand throughout the wider MENA region, unlocking new market opportunities.

The UAE has established itself as a leading fintech hub in MENA, with both Abu Dhabi and Dubai emerging as significant players in financial innovation. The fintech sector in the UAE has seen remarkable growth in areas such as wealthtech, digital banking, and alternative lending, with growth rates of 80%, 150%, and 111% respectively from 2021 to 2024.

Ahmad Alwazzan, Managing Director of UAE at Tap Payments, remarked that joining the exclusive group of licensed payment providers in the UAE marks a significant milestone for the company. He noted that this license enhances Tap Payments’ ability to offer market-leading, secure, and efficient payment products while ensuring compliance with local regulations. This development aligns with the UAE’s vision for a digitally driven financial landscape, as similar initiatives unfold across the region, such as Saudi Vision 2030, which aims to increase non-cash transactions from 36% in 2019 to 70% by the end of the current year.