Payments service provider Checkout.com has obtained a Retail Payment Services license from the Central Bank of the United Arab Emirates.
Securing an acquiring license enables the payments service provider to unlock its full proposition for merchants in the UAE. These include offering merchant acquiring solutions, payment aggregation services and cross-border fund transfers. Direct acquiring also ensures Checkout.com has greater control over processing outcomes and can drive payment acceptance performance for its merchants.
The growth of e-commerce in the UAE is predicted to reach a Compound Annual Growth Rate (CAGR) of 11 per cent, increasing its market size to $17billion by 2025. The 91 per cent of consumers in the UAE who prefer to make purchases online are driving this growth. Checkout.com also already supports a selection of brands based in the country including Shahid, Qlub, Carrefour, The Entertainer, MakeMyTrip, Cafu and Washmen.
With operations in the UK, EEA, MENA, APAC, and the USA, Checkout.com explained it has a strong focus on enabling its merchants to expand globally and launch in new markets. This goal makes up part of its ‘local globally’ approach to serving international businesses. The business has served the MENA region since 2014 and has offices in both UAE and KSA.
‘Serving both domestic and international brands to expand in the UAE’
Guillaume Pousaz, CEO and founder of Checkout.com, discussed the significance of obtaining an acquiring license in the UAE. Pousaz said: “Our thanks to the Central Bank of the UAE for their approval. 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. We’re also proud of the small part we’ve played to increase the trust in digital payments and allow businesses in the digital economy to thrive”.
Remo Giovanni Abbondandolo, general manager in MENA for Checkout.com, also commented: “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 opening a new office in Media City to house our growing team of close to 100 dedicated local experts.
“Our license enables us to offer superior payment performance for our merchants by having more control over processing outcomes through our powerful platform.”