Central Bank of Bahrain Grants Payment Services License to Pay10
Bahrain's digital payments sector is set for a significant boost with the granting of a payment service provider license to Pay10, a global alternative payment platform. The license, issued by the Central Bank of Bahrain (CBB) under the Ancillary Services Provider framework, marks a significant development in the growth of digital payments in the country.
Pay10's mission is to put users, both consumers and merchants, at the centre of the digital economy. The company's mobile-first, interoperable infrastructure is designed to address the issues of real-time and low-cost transactions in Bahrain's payment sector. With this license, Pay10 can now integrate directly with Bahrain's domestic payment systems, including the Fawri+ real-time payments network.
The introduction of Pay10's platform will enhance Bahrain's payment infrastructure, offering instant payments, merchant services, remittances, and cross-border transactions. This infrastructure will address the current gaps left by legacy payment systems, providing a more efficient and inclusive payment solution for consumers and merchants.
Small and medium businesses, which make up over 90% of Bahrain's businesses, will particularly benefit from Pay10's cost-effective and real-time payment solutions. These businesses have historically relied on outdated payment systems, and the demand for faster and more affordable payment options is growing.
Pay10's entry supports Bahrain’s broader financial inclusion and economic diversification strategies. The CBB’s 2025 Financial Stability Report highlights rapid growth in digital payments, including a 20.4% increase in POS and e-commerce transactions, and a widespread adoption of contactless payments (over 77% of POS transactions).
Bahrain’s progressive, agile regulation and strong public-private collaboration provide a conducive environment for Pay10’s expansion, positioning Bahrain as a regional hub for fintech innovation and real-time payment solutions. In fact, Pay10 has already made history as the first fintech to go live in production of the UAE Central Bank's Open Finance Framework.
Pay10's focus will be on real-time settlement, compliance, and ease of use. The company, headquartered in the UAE with registered offices in 12 countries, is part of a global shift from traditional card payments to more inclusive, affordable, and real-time alternative payment methods. This evolution is making payment acceptance simpler and more accessible, moving away from costly hardware and bank dependencies towards QR code- and wallet-based solutions aligned with regulatory frameworks.
In summary, Pay10’s receipt of the CBB license is poised to accelerate Bahrain’s transformation into a vibrant digital payments ecosystem. The company's entry will foster financial inclusion, empower SMEs, and advance the adoption of innovative, real-time payment solutions that align with Bahrain’s economic diversification and digital economy ambitions.
Financial innovation, spurred by technology, is at the heart of Pay10's mission as they integrate with Bahrain's domestic payment systems. This move will facilitate financial transactions, offering small and medium businesses cost-effective, real-time payment solutions that align with the country's broader financial inclusion and economic diversification strategies.
