Amazon Payment Services, the digital paytech, has achieved a new milestone as it receives a Retail Payment Services license from the UAE Central Bank.
The license enables Amazon Payment Services to offer its merchants across the UAE unique products and services which in turn, improves customer experiences. The license means the company can help merchants of all sizes, including small to medium-sized businesses (SMBs).
Amazon Payment Services can now invest in operational efficiency to deliver more streamlined payment processing in the UAE.
SMBs in the UAE accepting, or considering, online payments are set to gain the most from the regulated payment processing solution. They will have access to a range of benefits enabling faster onboarding and lower cost of payments. In turn, this supports their growth and success through a secure and reliable platform.
Peter George, managing director for Amazon Payment Services in MENA, said: “It is a privilege to have earned the trust of the UAE Central Bank. This license not only instils trust and security for merchants and customers alike but also allows us to take our offering to the next level.
“We look forward to working with key local stakeholders. Especially as we expand our offering and invest in our operations across the UAE. We want to facilitate seamless, secure, and fast payments for merchants of all sizes and customers. At Amazon, we insist on the highest standards, and this license is a true testament of this.”
The company offers seamless and secure payment solutions to merchants across new and diverse sectors. These include travel, insurance, and education. Furthermore, with this license, the company joins a select group of payment providers operating a regulated retail payment service locally.
As a result, it contributes to instilling trust and promoting further adoption of digital payments in the UAE.