FinTech: UAE Central Bank grants Checkout.com An Acquiring License, A First For A Global Payments Platform

May 23, 2023 | FinTech, News
https://dailyalts.com/wp-content/uploads/2023/05/287784294_5749024698445482_6069926997820136930_n.jpg

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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6.jpg
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…

https://dailyalts.com/wp-content/uploads/2023/12/RHCEU-Inline.jpg
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…

https://dailyalts.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1.png
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…

https://dailyalts.com/wp-content/uploads/2023/12/Revaia-founders.jpg
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…