This Regulation sets out the requirements concerning:

• conditions for granting and maintaining a License for the provision of Retail Payment Services;
   
• rights and obligations of Retail Payment Service Users and Payment Service Providers;
   
• proper contractual arrangements allowing Payment Service Providers providing Payment Initiation and Payment Account Information Services to access Payment Accounts held with Banks and other Payment Service Providers providing Payment Account Issuance Services;
   
• conditions for granting a License to Card Schemes;
   
• conditions for participating and obtaining an access to the Wages Protection System;
   
• powers of the Central Bank with regard to the supervision of Payment Service Providers and the on-going reporting requirements for Card Schemes.
   

In exercising its powers and functions under this Regulation, the Central Bank has regard to the following objectives:

• ensuring the safety, soundness and efficiency of Retail Payment Services;
   
• adoption of effective and risk-based licensing requirements for Payment Service Providers;
   
• promoting the reliability and efficiency of Card Schemes as well as public confidence in Card-based Payment Transactions;
   
• promoting innovation and creating a level playing field for market participants; and
   
• reinforcing the UAE’s status as a leading payment hub in the region.