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April 2, 2020

Qatar Central Bank launches mobile payment system

By Mohamed Dabo

Qatar Central Bank has launched the Qatar Mobile Payment System, which it says provides “a new and safe method for immediate electronic payment”.

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The system aims to enable the user to use the electronic wallet on his or her mobile phone. Users will be able to make person-to-person payments as well as paying businesses for transactions.

Operating round the clock, it will also allow cash withdrawals and cash feeds for electronic wallets.

The central bank says the system is accessible to all users, “which contributes to enhancing financial inclusion in the State”.

“To make payments easily and quickly, Qatar Central Bank (QCB) has issued unified specifications and standards for the QR code that enables users to make payments by scanning the response code (QR Code) through the mobile phone at points of sale and public transportation,” the bank said in a statement.

The Qatar National Vision 2030

Central bank governor Sheikh Abdullah bin Saoud Al –Thani said the new service is part of the Qatar National Vision 2030:

“To develop an electronic payment environment and access to a high-level national payment system.”

The goal, he said, is to enable all Qatari users “to pay using their electronic wallets at all points of sale, public transportation and the ministries and institutions.”

“This will help to raise the payment systems in general in achieving access to financial inclusion. It will also reduce dealing with paper money, which will reflect positively on the activities of institutions and citizens,” he added.

The Qatar Digital Government project

The Ministry of Transport and communications said the electronic payments platform is part of the Qatar Digital Government project.

As part of this endeavour, ministries across the government have joined together to accelerate digital government initiatives in the Persian Gulf state.

The goal is to make Qatar’s government more efficient, effective, accessible, and customer-centric:

“Building on the progress made over the past years, Qatar Digital Government program will better serve individuals and businesses, create efficiency in government administration, and develop a more open government with enhanced participation of citizens and residents,” the Ministry said.

The e-Payment Platform provides online payment options for government entities. It seeks to develop their digital services for “full automation of online services, by allowing users to pay their transaction fees online securely”.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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