Checkout.com, a prominent global payments provider, has announced that it has been granted a Retail Payment Services (RPS) license from the Central Bank of the United Arab Emirates (UAE). This achievement marks a significant milestone for the company as it becomes the first global payments provider to obtain an acquiring license in the country. The license enables Checkout.com to unlock its full suite of services for merchants in the UAE and reaffirms its commitment to servicing both domestic and international brands in the region.
Checkout.com has become the first global payments provider to obtain an acquiring licence in the UAE, further cementing its position in the region. The licence grants Checkout.com the authority to process card transactions directly, allowing it to offer its full range of services to merchants operating in the country. By being the first global payments provider to secure the licence, Checkout.com has established a significant foothold in the region and laid the groundwork for expansion.
The RPS licence allows Checkout.com to offer its full range of payment processing services to merchants in the UAE by providing the necessary authorization. This enables merchants to leverage Checkout.com’s global expertise, advanced technology, and industry-leading customer service. With this licence, merchants can access Checkout.com’s suite of payment solutions, which includes the processing of multiple currencies, local payment methods, and advanced fraud detection tools.
E-commerce in the UAE is predicted to grow at a Compound Annual Growth Rate (CAGR) of 11% to reach $17 billion by 2025. According to a report by Worldpay from FIS, this growth is being driven by the increasing number of consumers in the UAE who prefer to make purchases online.
91% of consumers in the UAE prefer to make their purchases online, driving e-commerce growth. The trend toward online shopping in the UAE is being driven by consumer preferences for online purchasing. A survey conducted by GlobalWebIndex revealed that this trend has contributed significantly to the growth of e-commerce in the country, making the UAE a prime destination for e-commerce businesses.
Consumers in the Middle East and Africa (MEA) prefer digital wallets as a payment method. The use of digital wallets is becoming increasingly popular in the MEA region. A report by ArabNet and Dubai Smart City Office reveals that consumers across the region indicate a preference for digital wallets over other payment methods. Digital wallets are secure, efficient, and provide a seamless payment experience.
Digital Wallets in MEA Expected to Experience 25% CAGR Growth Through 2026
The growth of digital wallets in the MEA (Middle East and Africa) region is projected to continue in the coming years. According to a report by Worldpay from FIS, digital wallets are expected to experience 25% CAGR growth through 2026. This growth is driven by the adoption of digital payment technologies and the increasing use of mobile devices in the region.
Digital wallets represent 20% of the online payment market in the MEA region and are projected to double their share of the POS market by 2026. Currently, digital wallets are quickly gaining ground in the online payment market in MEA. Similarly, their share of the POS market is expected to double from 12% to 24% by 2026.
Checkout.com is expanding its operations in the UAE with a new office in Media City and a dedicated local team of almost 100 professionals. The purpose of this expansion is to better serve their customers in the UAE, by supporting existing and new merchants in the region. With this move, Checkout.com has affirmed its commitment to providing high-quality payment processing services to the UAE market.
Checkout.com has strengthened its commitment to serving both domestic and international brands in the UAE market. The acquisition of the RPS licence from the Central Bank of the UAE and the establishment of a new office in Media City are clear indications of the company’s dedication to the region. With the licence, Checkout.com can offer its complete range of payment processing services to merchants in the country, while its growing team of local professionals will provide unmatched support to both new and existing clients in the region. As e-commerce and digital payments continue to expand in the UAE and the broader MEA region, Checkout.com is well-positioned to be a leading payment provider, delivering safe, reliable, and efficient payment processing solutions.