Paymob provides omni-channel payment solutions across platforms in the UAE, Egypt, KSA, Oman, and Pakistan. Credit: Nattakorn_Maneerat/ Shutterstock.

Middle East payment service provider Paymob has secured a Retail Payment Services Licence by the Central Bank of the UAE (CBUAE), according to a press release posted on Zawya.  

This comes after Paymob satisfying all regulatory conditions.  

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The licence authorises Paymob to provide services including merchant acquiring, payment aggregation, and domestic fund transfers within the UAE. 

Paymob co-founder and CEO Islam Shawky stated: “This licence reflects the trust CBUAE has placed in Paymob to support the UAE’s vision for a cashless, digitally connected economy. As digital payments accelerate across the UAE, we are committed to equipping merchants with scalable tools that enable them to thrive in this dynamic market.” 

Paymob GCC Cluster II general manager Omar Haddad said: “This approval is a significant milestone that enables Paymob to deliver localised payment solutions tailored to the needs of UAE merchants. We are proud to align with the Central Bank’s vision of a cashless digital economy and are honoured by the trust placed in us.” 

Since 2018, the company has been serving over 390,000 merchants in the MENA-P region  

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The Retail Payment Services (RPS) licence aligns with the UAE’s Digital Economy Strategy for GDP growth.  

Paymob provides omni-channel payment solutions across platforms in the UAE, Egypt, Kingdom of Saudi Arabia (KSA), Oman, and Pakistan. 

With the RPS licence now in place, Paymob is said to expedite the expansion of its team and merchant base within the UAE.  

Last year, the company secured payment service provider (PSP) licence from the Central Bank of Oman (CBO), which permits Paymob to process both online and in-store payments in Oman.