Checkout.com, a key player in the global payments landscape, can now add another feather to its cap as it becomes the first global payments platform to receive a Retail Payment Services licence from the UAE Central Bank.
This accomplishment strengthens Checkout.com’s foothold in the Middle East and North Africa (MENA) region, where it has been serving eminent brands like Careem, Al Shaya, OSN, Instashop, Starbucks, Western Union and Talabat for nearly a decade.
With this newly acquired licence, Checkout.com is poised to unlock its comprehensive payments model in the UAE, an eCommerce market projected to reach $17bn by 2025. A suite of services including merchant acquiring solutions, payment aggregation services, and cross-border fund transfers are expected to make waves in the region. Merchants can now look forward to superior payment acceptance performance, with Checkout.com gaining increased control over processing outcomes.
Checkout.com, a leading global payment solutions provider, has a history of delivering reliable cross-border payments, local payment methods, and exceptional support with local expertise. Its recently enhanced offering in the UAE continues this trend, solidifying its dedication to help businesses grow in the digital economy.
The firm’s latest product, resulting from the newly secured licence, empowers merchants with increased control over their payment processing. This will enhance Checkout.com’s ability to help brands to expand in the UAE and beyond, a region where 91% of consumers prefer online shopping.
The eCommerce landscape in the UAE is set for major growth, with expectations to hit a Compound Annual Growth Rate (CAGR) of 11%, increasing the market size to $17bn by 2025. In line with this, Checkout.com is already serving a diverse range of the country’s brands such as Shahid, Qlub, Carrefour, The Entertainer, Namshi, Mamo, MakeMyTrip, Cafu and Washmen.
Guillaume Pousaz, CEO and Founder of Checkout.com, shared his enthusiasm about the recent development: “The issuance of this licence 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.”
Additionally, Remo Giovanni Abbondandolo, General Manager in MENA for Checkout.com, outlined the company’s expansion plan in the UAE. “Our licence enables us to offer superior payment performance for our merchants by having more control over processing outcomes through our powerful platform.”
The global payments service provider has been steadfastly serving the MENA region since 2014. With offices in both the UAE and KSA, Checkout.com supports merchants with all major international credit and debit cards and popular local payment methods such as Tamara, Mada, KNET, QPay, Fawry, and others.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global