Checkout.com, the global payments service provider, has been granted a Retail Payment Services license from the Central Bank of the United Arab Emirates (CBUAE). This makes Checkout.com the first global payments provider to be granted an acquiring license in the country, further cementing its position as a leader across MENA.
Securing an acquiring license allows Checkout.com to unlock its full proposition for merchants in the UAE. This means offering merchant-acquiring solutions, payment aggregation services, and cross-border fund transfers. Fundamentally, with direct acquiring Checkout.com now has more control over processing outcomes and can drive best-in-class payment acceptance performance for its merchants.
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“The issuance of this license shows the level of trust, commitment, and strength of the relationship we continue to have in serving both domestic and international brands to expand in the UAE,” said Guillaume Pousaz, CEO and Founder of Checkout.com.
The growth of eCommerce in the UAE is forecast to reach a Compound Annual Growth Rate (CAGR) of 11%, increasing its eCommerce market size to $17 billion by 2025. This is being driven by 91% of consumers in the UAE now favoring making their purchases online. Checkout.com already supports some of the country’s brands including Shahid, Qlub, Carrefour, The Entertainer, Namshi, Mamo, MakeMyTrip, Cafu, and Washmen.
“We’ve continued to invest in our operations in the UAE to serve several hundred merchants such as Cafu, Talabat, Careem, and OSN in the country as we fundamentally believe in the potential of growth in the digital economy here. It’s why we’re scaling our operations here in the UAE and opened a new office in Media City to house our growing team of close to 100 dedicated local experts,” said Remo Giovanni Abbondandolo, General Manager in MENA for Checkout.com. “Our license enables us to offer superior payment performance for our merchants by having more control over processing outcomes through our powerful platform.”
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