The Central Bank issues a system for retail payment services and card systems

Digital innovation is rapidly reshaping local and global payment services.

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Yesterday, the Central Bank of the United Arab Emirates issued a system for retail payment services and card systems, which is the fourth system in the journey of enhancing digital payments that the UAE is preparing.

The "system" is among the continuous efforts of the Central Bank to ensure the protection of consumers with regard to retail payment services and the operation of payment card systems.

The “System” provides licensing provisions for payment service providers, or those wishing to provide payment services, for one or more of the nine categories of payment services or payment card systems in the UAE, which include: payment instrument issuance services, transaction collection services, payment aggregation services, Domestic and cross-border money transfer services, payment code services, payment creation services, and payment account information services.

In this regard, the Governor of the Central Bank, Khaled Muhammad Balama, said: “While digital innovation contributes to rapidly reshaping local and global payment services, the Central Bank of the UAE is adopting this innovation, and we also support digital payments, competition and innovation, along with the concept of operation. Alpine".

He added: "The recent payment systems contribute to enhancing the central bank's pivotal role in supporting and promoting digital innovation, and ensuring the security and safety of payment systems and services."

The Retail Payment Services and Card Systems System was published in the Official Gazette on June 15, 2021, and will enter into force one month after this date. Existing payment service providers and card systems are given a one-year transition period to obtain the relevant license from the Central Bank.

The journey of regulatory strengthening of the Central Bank began with the launch of the “Store Value Facility System” in November 2020. This was followed by the launch of the “High Value Payment System” and “Retail Payment Systems System” in March 2021, which provide authorization and appointment systems for payment systems High-value retail payment systems.

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