Retail Payment Services and Card Schemes Regulation RPSCS
United Arab Emirates
2021
Payments
Overview
The RPSCS Regulation, issued by the Central Bank of the UAE (CBUAE) in 2021, establishes the regulatory framework for retail payment services, card schemes, and stored value facilities in the UAE. It aims to strengthen consumer protection, enhance competition, and ensure financial stability while fostering innovation in the payments sector.It applies to banks, licensed payment service providers (PSPs), fintechs, card issuers, acquirers, payment processors, and other non-bank payment institutions offering retail payment products in the UAE.
Key Obligations
- Obtain a license from CBUAE before providing retail payment services
- Maintain capital adequacy and governance requirements depending on license category
- Ensure consumer protection, including transparency of fees and terms
- Segregate customer funds and ensure safeguarding of client money
- Implement AML/CFT controls in line with Federal Decree-Law No. 20 of 2018
- Provide secure and interoperable infrastructure for payment systems
- Submit to CBUAE supervision, inspections, and reporting requirements
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