UAE | 27 September 2017

In recent times, we have seen the introduction of the concept of ‘cashless’ ways to pay for goods and services, offering more convenience and security benefits than traditional payment methods. There are e-wallets, retail-based digital reward exchanges, there is direct carrier billing, and there is even the ability to pre-load cash onto mobiles, wristbands and other gadgets to spend later. Getting on board with evolving consumer demands might well be key to giving your business the competitive edge, but if you are using or planning to introduce any of these types of digital or e-payment methods into your business, you would be wise to consider the associated legal and regulatory issues. The nature of the precise activities to be undertaken by your business may mean that you will need Central Bank or other approvals to keep you compliant in the UAE. [Continue Reading]