Tap Payments has officially secured a Retail Payment Services License from the Central Bank of the United Arab Emirates (CBUAE), marking the final step in its regulatory journey across the Gulf Cooperation Council (GCC). With approvals now in place in all six GCC nations—UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman—the fintech company has achieved comprehensive compliance across the region.
This milestone positions Tap Payments as a fully licensed regional operator, capable of offering streamlined, cross-border payment infrastructure for businesses scaling across the Middle East. Its unified platform enables seamless digital transactions while navigating local regulations and preferences with ease.
Powering the UAE’s Shift to a Cashless Economy
The UAE is rapidly embracing digital payments, with transaction volumes expected to reach over $80 billion by 2025 and maintain a compound annual growth rate of nearly 14% through 2029. National initiatives such as the Dubai Cashless Strategy, which targets 90% cashless transactions by 2026, further accelerate this momentum.
Tap Payments is strategically poised to contribute to this growth. With its new UAE license, the company is positioned to empower the country’s fintech ecosystem, which currently comprises more than 180 licensed entities. Tap’s strength lies in its localized payment solutions that cater to the regulatory environment and consumer behavior unique to each market it serves.
Notable UAE-based clients include Flydubai, Wego, InsuranceMarket, Prypco, and LuLu Hypermarkets. Regionally, the company also supports major digital brands such as Talabat, Careem, Trendyol, and TikTok.
A Gateway to Regional Growth
Tap Payments’ full GCC authorization is more than a regulatory win—it’s a springboard for regional digital expansion. The company now provides:
- Access to advanced tools designed to improve payment conversion rates;
- Scalable infrastructure to grow businesses across borders;
- A secure, compliant ecosystem for financial transactions;
- Enhanced fraud prevention capabilities and data protection.
This achievement reinforces Tap Payments’ commitment to powering the MENA region’s digital economy, in alignment with broader visions such as Saudi Arabia’s Vision 2030, which emphasizes cashless payments and financial innovation.
As businesses in the region look for agile, compliant solutions to meet growing digital demand, Tap Payments stands out as a key enabler of sustainable fintech growth across the GCC.
