Paymob, a prominent financial services provider in the MENA-P region, has achieved a significant milestone by securing the Retail Payment Services License from the Central Bank of the UAE (CBUAE). This pivotal authorization, obtained after a rigorous regulatory process, enables Paymob to offer essential merchant acquiring, payment aggregation services, and domestic fund transfers within the UAE. This achievement underscores Paymob’s leadership in the digital payments market, equipping merchants with comprehensive omni-channel solutions that enhance growth and competitiveness.
Paymob’s Impact and Expertise
Since its establishment in 2018, Paymob has played a crucial role in supporting more than 390,000 merchants across the MENA-P region, spanning from small and medium-sized enterprises (SMEs) to major international brands such as Decathlon, Vodafone, LG, Uber, IKEA, and Shahid. This extensive experience enables Paymob to generate substantial value for UAE merchants amid a rapidly evolving digital landscape. Paymob’s Co-founder and CEO, Islam Shawky, emphasized that securing the Retail Payment Services License signifies the CBUAE’s confidence in Paymob’s ability to support the nation’s transition toward a cashless, digitally connected economy. Shawky highlighted Paymob’s unwavering dedication to providing scalable and effective tools essential for merchant success in the dynamic and competitive UAE market.
By achieving this prestigious license, Paymob is now better positioned to empower merchants with tools and solutions that cater to their unique needs and growth stages. This licensing accomplishment directly aligns with the UAE’s comprehensive Digital Economy Strategy, which aims to increase the digital economy’s contribution to the nation’s GDP to 20% by 2032. Additionally, this milestone supports the CBUAE’s Fintech Strategy, which focuses on building a future-ready financial ecosystem within the UAE. With projections indicating that the UAE’s payments market is expected to reach a staggering $27.3 billion by 2028, Paymob’s strategic positioning will undoubtedly facilitate substantial growth, ensuring that digital payments become increasingly accessible, secure, and seamless for all stakeholders involved.
Alignment with UAE’s Vision
Omar Haddad, Paymob’s General Manager of GCC Cluster II, expressed heartfelt gratitude to the CBUAE for endorsing their efforts and promoting a robust financial ecosystem. Haddad emphasized that this approval signifies a pivotal step for Paymob, enabling the company to offer localized payment solutions specifically tailored to the unique needs of UAE merchants. Reinforcing Paymob’s commitment to the Central Bank’s vision of fostering a cashless economy, Haddad proudly acknowledged the trust bestowed upon them by the regulatory authorities and the broader financial community.
Operating not only in the UAE but also in Egypt, Saudi Arabia, Oman, and Pakistan, Paymob leverages its extensive regional expertise to empower merchants with aggregated payment solutions spanning in-store, online, and mobile channels. These innovative solutions encompass over 50 payment methods, including major international cards and regional options like Tabby and Tamara, as well as multiple mobile wallets. By simplifying payment processes and offering comprehensive support to merchants throughout their growth stages, Paymob ensures that businesses can seamlessly tap into new customer bases and expand their market presence.
Expanding Reach and Future Prospects
Paymob, a leading financial services firm in the MENA-P region, has reached a major milestone by obtaining the Retail Payment Services License from the Central Bank of the UAE (CBUAE). This crucial authorization came after an extensive regulatory process and grants Paymob the ability to provide key merchant acquiring services, payment aggregation, and domestic fund transfers within the UAE. This milestone solidifies Paymob’s position as a frontrunner in the digital payments market. By securing this license, Paymob is now equipped to deliver comprehensive omni-channel payment solutions to merchants, which in turn boosts their growth and competitiveness. Paymob’s achievement highlights its commitment to advancing financial technology and its role in driving innovation within the payments industry. With this license, merchants across the UAE can benefit from streamlined payment processes, effective fund transfers, and enhanced service offerings, ultimately contributing to a more robust and dynamic digital economy.