UAE’s Cashless Future: How Paymob Is Leading the Way

10x Industry

Mokshita P.
10x Industry
Published:

UAE’s Cashless Future: How Paymob Is Leading the Way

Milestone enables Paymob to offer comprehensive payment solutions, supporting UAE’s digital economy growth and helping merchants leverage the expanding US$27.3 billion payments market by 2028.

Paymob, one of the financial service enablers in the MENA-P region, has just been granted a Retail Payment Services License by the Central Bank of the UAE. This is a significant milestone because it means Paymob now has the authority to offer services like merchant acquiring, payment aggregation, and domestic fund transfers within the UAE. Essentially, this license allows Paymob to provide businesses with a full range of payment solutions, helping them grow and stay competitive in the rapidly evolving digital payments space in the UAE.

Paymob has a strong track record, having supported over 390,000 merchants across MENA-P since 2018. They've worked with all kinds of businesses, from local SMEs to big regional and global brands like Decathlon, Vodafone, LG, Uber, IKEA, and Shahid. What’s great about Paymob is that they've helped these businesses improve their payment systems and even unlock new revenue streams. With this new license, Paymob is in a strong position to offer the same value to UAE merchants, especially as the digital economy continues to expand.

According to Islam Shawky, Paymob’s co-founder and CEO, this license reflects the trust that the CBUAE has in the company to support the UAE’s goal of becoming a cashless, digitally connected economy. With digital payments becoming more popular in the UAE, Paymob is committed to providing merchants with scalable tools to succeed in this dynamic market.

This license aligns with some big goals for the UAE, like the Digital Economy Strategy, which aims to increase the digital economy’s share of the GDP to 20 percent by 2032. The UAE’s payments market is projected to grow to US$27.3 billion by 2028, so Paymob is in a great position to take advantage of that growth, making digital payments easier, more secure, and more accessible.

Omar Haddad, Paymob’s General Manager for the GCC, expressed gratitude to the CBUAE for granting this license and emphasised that it will allow Paymob to deliver tailored, localised payment solutions for UAE businesses. This is particularly important as the UAE moves toward a cashless digital economy.

With operations not just in the UAE but also in countries like Egypt, Saudi Arabia, Oman, and Pakistan, Paymob is able to use its regional experience to offer a wide range of payment solutions. They make it easy for merchants to accept payments in-store, online, and via mobile. Paymob supports over 50 different payment methods, including international cards, popular regional options like Tabby and Tamara, and various mobile wallets. By simplifying the payment process and supporting businesses at different stages of growth, Paymob is helping merchants reach new customers and succeed in today’s digital economy.