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Global payment service provider Checkout.com has received a retail payment services license from the Central Bank of the United Arab Emirates.
This makes Checkout.com the first global payment provider to obtain an acquiring license in the country, further strengthening its leading position in the MENA region.
Once the Acquisition License is obtained, Checkout.com can unlock its entire offer for merchants in the UAE. That means providing merchant acquiring solutions, payment aggregation services and cross-border funds transfers. Fundamentally, through the direct acquisition, Checkout.com now has greater control over processing results and can bring best-in-class payment acceptance performance to its merchants.
“We thank the Central Bank of the UAE for this approval. The award of this license shows the strength of the trust, commitment and relationships we continue to have in servicing national and international brands expanding in the UAE.” Guillaume Pousaz, CEO and Founder of Checkout.com “We are proud of our small role in increasing trust in digital payments and enabling businesses in the digital economy to thrive. “
E-commerce growth in the UAE is expected to grow at a compound annual growth rate (CAGR) of 11%, bringing its e-commerce market size to $17 billion[2] by 2025.This is driven by 91%[3] of UAE consumers now prefer to shop online. Checkout.com already supports a number of brands in the country, including Shahid, Qlub, Carrefour, The Entertainer, Namshi, Mamo, MakeMyTrip, Cafu and Washmen.
“We continue to invest in our business in the UAE, serving hundreds of merchants in the country such as Cafu, Talabat, Careem and OSN, as we fundamentally believe in the growth potential of the digital economy here. That is why we are expanding We operate in the UAE and have opened a new office in Media City to accommodate our growing team of nearly 100 local experts,” said Remo Giovanni Abbondandolo, General Manager, Middle East and North Africa, Checkout.com. “Our license gives us greater control over processing outcomes through our robust platform, delivering superior payment performance to our merchants.”
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With operations in the UK, EEA, MENA, Asia Pacific and the US, Checkout.com is focused on helping its merchants expand globally and enter new markets quickly and easily. This is part of Checkout.com’s “glocal” approach to international businesses. Serving the MENA region since 2014, with offices in the UAE and Saudi Arabia, the company serves merchants who accept all major international credit and debit cards – including popular local payment methods such as Tamara, Mada, KNET, QPay, Fawry, OmanNET, Benefit and more.
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