Tap Payments has been awarded a Retail Payment Services License by the Central Bank of the UAE (CBUAE), completing its regulatory approvals across the entire GCC.
The UAE is home to the largest number of fintech and payments companies in the region, with 184 firms. With approvals now spanning every GCC country, Tap Payments is now one of the most licensed payment providers in the region.
This milestone reinforces Tap Payments’ commitment to full compliance as it continues advancing its mission to unify and simplify payments across MENA. The company now holds regulatory approvals in Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, and the UAE.
The UAE’s digital payments sector is growing rapidly. By 2025, the total transaction value is projected to reach $80.37 billion, with a compound annual growth rate (CAGR) of 13.8 percent through 2029. If this trend continues, transaction value is expected to exceed $134.84 billion by 2029.
In addition, domestically initiated programs such as the Dubai Cashless Strategy (DCS), launched in October 2024, aim to encourage cashless payment options in the public and private sectors. The DCS initiative aims to facilitate cashless transactions for 90 percent of all payments by the year 2026, adding over $2.2 billion per annum to the economy using fintech innovation.
Ali Abulhasan Co-Founder and CEO Tap Payments
“This license is a pivotal step in our mission to unify and simplify payments across the region. With regulatory approvals in every GCC market, we are uniquely positioned to help businesses scale locally and expand across borders, while operating within a trusted, fully compliant framework.”
Tap Payments serves leading UAE clients such as flydubai, Wego, Insurance Market, Prypco, and Lulu Hypermarkets, as well as major regional merchants across the GCC, including Talabat, Careem, Trendyol, Marks & Spencer, BYD Auto, Tim Hortons, and TikTok. Through reliable and efficient payment infrastructure, it helps businesses connect and expand across the wider MENA region, unlocking new market opportunities.
Ahmad Alwazzan, Managing Director of UAE at Tap Payments, stated that, “Joining the UAE’s exclusive group of licensed payment providers marks a significant milestone for us. This license enhances our ability to offer businesses in the UAE market-leading, secure, and efficient payment products while ensuring full compliance with local regulations.”
This license aligns Tap Payments with the UAE’s vision for a future-proof, digitally driven financial landscape. Similar initiatives are spreading across the region, with programs like Saudi Vision 2030 aiming to increase non-cash transactions to 70 percent by the end of the current year from 36 percent in 2019.
