FinTech: UAE Central Bank grants Checkout.com An Acquiring License, A First For A Global Payments Platform
The acquisition of a direct license will enable Checkout.com to fully utilize its payments model, providing merchants with cost savings and delivering exceptional performance.
Checkout.com, a global payments service provider, has been granted a Retail Payment Services license by the Central Bank of the United Arab Emirates (UAE). This license makes Checkout.com the first global payments provider to receive an acquiring license in the UAE, solidifying its leadership in the MENA (Middle East and North Africa) region.
With the acquiring license, Checkout.com can fully unlock its payment solutions for merchants in the UAE. This includes providing merchant acquiring solutions, payment aggregation services, and cross-border fund transfers. The direct acquiring capability allows Checkout.com to have more control over processing outcomes, enabling superior payment acceptance performance for its merchants. . (Checkout.com)
The UAE’s eCommerce market is expected to grow at a Compound Annual Growth Rate (CAGR) of 11%, reaching a market size of $17 billion by 2025. The shift towards online shopping is evident, with 91% of consumers in the UAE preferring to make purchases online.
Checkout.com already supports various UAE brands and aims to continue investing in the region.
The company has been serving the MENA region since 2014 and has offices in the UAE and Saudi Arabia, offering support for major international credit and debit cards as well as popular local payment methods. It operates globally, with a focus on enabling merchants to expand internationally and enter new markets efficiently. The company follows a “local globally” approach to serve international businesses effectively.
Related Story: Checkout.com Triples Its Valuation…Again
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