The announcement comes after Paymob has successfully met all regulatory conditions and requirements through a rigorous approval process, the official press release states.
The licence authorises Paymob to offer merchant acquiring, payment aggregation services, and domestic fund transfers within the UAE. This milestone seeks to strenghten Paymob’s presence in the UAE’s digital payments ecosystem, enabling the company to provide merchants with its full suite of omni-channel solutions that are designed to drive growth and competitiveness.
According to the company, Paymob has supported over 390,000 merchants across MENA-P since 2018, and has enabled businesses of all sizes – from local SMEs to regional and global brands like Decathlon, Vodafone, LG, Uber, IKEA, and Shahid – to optimise payment performance and unlock new revenue streams. This expertise reportedly positions Paymob to deliver measurable value to UAE merchants in a rapidly evolving digital landscape.
Paymob’s co-founder and CEO stated that this licence reflects the trust CBUAE (the Central Bank of UAE) has placed in Paymob to support the UAE’s vision for a cashless, digitally connected economy. As digital payments accelerate across the UAE, Paymob is reportedly committed to equipping merchants with scalable tools that enable them to thrive in this dynamic market.
The RPS licence aligns with the UAE’s Digital Economy Strategy which aims to increase the digital economy’s contribution to 20% of GDP by 2032, and the CBUAE’s Fintech Strategy which strives to create a future-ready financial system. With the UAE’s payments market projected to grow to USD 27.3 billion by 2028, Paymob is positioned to capitalise on this growth by making digital payments more accessible and secure, the company states.
With operations in UAE, Egypt, KSA, Oman, and Pakistan, Paymob leverages its regional expertise to supply merchants with aggregated payment solutions across in-store, online, and mobile channels. Paymob’s focus on localised solutions ensures that merchants can accept payments using over 50 methods including major international cards, flexible regional options such as Tabby and Tamara, and various mobile wallets. By simplifying payment processes and supporting merchants at every stage of their growth, Paymob seeks to enable businesses to reach new customers.
The RPS licence will enable Paymob to accelerate the growth of its team and its merchant base in the UAE.
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