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Checkout.com Gains Acquiring License From UAE Central Bank

The direct acquiring license allows Checkout.com to unlock the full potential of its platform in the UAE while offering cost savings and improved performance for merchants.

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2 years ago

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checkout.com gains acquiring license from uae central bank

The United Arab Emirates Central Bank has granted Global payment service provider Checkout.com a Retail Payment Services license. The recent press release by the platform notes that Checkout.com is “the first global payments provider to be granted an acquiring license in the country”, and the announcement strengthens its position as a leader across the MENA region.

Now that Checkout.com has secured an acquiring license, the company can unlock its full proposition for UAE merchants, including card acquiring, payment aggregation, and cross-border fund transfers. Most importantly, Checkout.com’s new acquiring license gives the company greater control over the entire payment processing mechanism and enables best-in-class payment acceptance rates for merchants.

“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 proud of the small part we’ve played to increase the trust in digital payments and allow businesses in the digital economy to thrive,” says CEO and Founder of Checkout.com, Guillaume Pousaz.

Also Read: Paymob Gets Official Certification To Operate In Saudi Arabia

The UAE has recently witnessed an explosive eCommerce growth trajectory. It is forecast to reach a Compound Annual Growth Rate (CAGR) of 11%, increasing the eCommerce market size to $17Bn by 2025. 91% of consumers in the UAE now favor making their purchases online, and Checkout.com already supports some of the country’s top brand names, including Cafu, Washmen, Shahid, Qlub, Carrefour, Namshi, Mamo, MakeMyTrip, and The Entertainer.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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