United Arab Emirates: Implemented Retail Payment Services and Card Schemes Regulation introducing licensing requirement

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Description

Implemented Retail Payment Services and Card Schemes Regulation introducing licensing requirement

The one-year grace period of the Retail Payment Services and Card Schemes Regulation of the Central Bank of the Untied Arab Emirates ('CBUAE') ends on 15th July 2022. The Regulation is aiming to ensure safety and reliability for consumers regarding retail payments services and the operation of payment card schemes. The Regulation introduces a licensing requirement for payment service providers, who intend to provide one or more of nine payment services or payment card schemes in the UAE. Payment account issuance, payment instrument issuance, merchant acquiring, payment aggregation, domestic and cross-border fund transfers, payment tokens, payment initiation, as well as payment account information services are altogether affected by the new licensing regime.

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Scope

Policy Area
Authorisation, registration and licensing
Policy Instrument
Operational license requirement
Regulated Economic Activity
other service provider
Implementation Level
national
Government Branch
executive
Government Body
central bank

Complete timeline of this policy change

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2021-06-15
adopted

The Retail Payment Services and Card Schemes Regulation is adopted by the Central Bank of the Unite…

2021-07-15
in grace period

The Retail Payment Services and Card Schemes Regulation came into force on 15th July 2021, with a o…

2022-07-15
in force

The one-year grace period of the Retail Payment Services and Card Schemes Regulation of the Central…