Electronic payment firm QPAY has now established its presence in Qatar following the successful offering of its wide range of solutions across the GCC and foreign markets.
QPAY said that it will launch a low cost and advanced Wages Protection System (WPS) IBAN platform and WPS Salary Card platform in Qatar.
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Both products are fully compliant with the Qatar Central Bank’s ( QCB ) directive on WPS payment rules to low-wage immigrant laborers residing in Qatar and the QMLSS Salary Information File (SIF) generation, the company said in a statement.
QPAY’s secure cloud-based WPS IBAN platform, which is successfully implemented in Dubai, Kuwait and the US, enable banks to comply with the latest laws on laborer WPS while streamlining banks’ corporate filing of labor pay with the Qatar Ministry of Labor & Social Services (QMLSS).
The solution will provide the laborer with a Qatari IBAN bank account without having to add extra burden on the bank’s back-office, front office or branch network, the company added.
QPAY solutions have been used in Qatar, GCC and Foreign markets since 2001. They have been offered to banks and financial institutions as white labeled products.
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By GlobalDataQPAY International CEO & founder Nebil Ben Aissa said: "With Qatar’s commitment at ensuring that its rapidly-growing expatriate labour and workforce justly receive their hard-earned wages securely in full and on-time, QPAY provides all the solutions required by employers and banks.
"Not only will our solutions remove all the worries and burden of having to comply with QCB ‘s strict WPS policies and directives, but will also spur a streamlined and cost-efficient business and banking operations.
"Clearly, QPAY’s solutions are fully aligned with the country’s aspirations embodied in Qatar’s National Vision 2030 Plan. Such solutions also enable financial inclusion and privileges to low-wage immigrant laborers into the Qatari financial ecosystem. These include use International standards such as MasterCard and an IBAN account," he added.
