Thursday, July 29, 2021

Licencing regime introduced for UAE’s retail payments service providers

The Central Bank of the UAE (CBUAE) on Saturday unveiled the Retail Payment Services and Card Schemes Regulation.
Image Credit: Courtesy Central Bank of the UAE

Dubai: The Central Bank of the UAE (CBUAE) on Saturday unveiled the Retail Payment Services and Card Schemes Regulation, the fourth regulation in the enhancement journey as it prepares the UAE for a new era of digital payments.

The new regulation is a continuation of the CBUAE’s efforts to foster safety and soundness for consumers regarding retail payments services and the operation of payment card schemes.

The new set of rules introduces a licensing regime for payment service providers operating – or wishing to provide – one or more of nine payment services or payment card schemes in the UAE.

These include: payment account issuance, payment instrument issuance, merchant acquiring, payment aggregation, domestic and cross-border fund transfers, payment…

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