Taptap Send secures UAE licences to expand digital payments

By Milan Rojan

Taptap Send has secured three licences from the Central Bank of the UAE (CBUAE), enabling the cross-border payments company to broaden its digital financial services offering in the country.

The company is among the first to receive all three approvals – Stored Value Facilities, Retail Payment Services (Category II) and Exchange Business (Category IV). The licences have enabled Taptap Send to expand beyond international money transfers to offer digital wallets, payment cards, and local and cross-border payment services for customers in the UAE.

Michael Faye, CEO and Co-Founder of Taptap Send, said: “The UAE is unlike anywhere else on earth — over 200 nationalities, the highest concentration of expats of any nation, and a government that has put financial inclusion and innovation at the heart of its national agenda. Serving this community is exactly why we exist and we’re thankful for the trust by the Central Bank of the UAE and thrilled to be doing so in a country that embodies our mission.”

Taptap Send said the expanded regulatory approvals will allow it to build a broader financial ecosystem designed for expatriate communities, combining domestic and international payments with digital wallet and card capabilities through a single platform.

The company currently operates in more than 35 countries and facilitates international money transfers to recipients across more than 80 markets. It said the UAE has represented a strategic market due to its large expatriate population and growing demand for digital financial services.

The latest approvals reflect the UAE’s continued focus on strengthening its digital payments ecosystem and supporting innovation in financial services through a regulated framework. For Taptap Send, the licences have provided the foundation to expand its presence in one of the world’s largest remittance markets while broadening access to digital financial services for consumers and cross-border payment users.