Qatar Islamic Bank (QIB) has partnered with fintech firm QPAY International for the introduction of a Islamic point-of-sale (PoS) solution in Qatar.
Under an agreement signed between the companies, QPAY will deploy MasterCard and Visa PoS acquiring network to provide secure payment processing services for QIB’s current and new customers.
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In addition to PoS, the collaboration also covers other electronic processing services such as credit and debit cards acceptance, mobile PoS (mPoS), e-commerce and mobile payments, and online billing.
QIB and QPAY are planning to jointly help merchants during the set up process and will train them on the usage of these new PoS terminals.
Furthermore, QIB intends to advance the PoS acquiring business amongst its current corporate, including small and medium enterprises (SMEs) and potential merchants.
QIB general manager of wholesale banking group Tarek Fawzi said: “Being the first Islamic Bank in Qatar to launch PoS solutions sets a new benchmark for the industry and showcases QIB’s ongoing efforts to introduce innovative financial technology solutions.
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By GlobalData“Our entry into merchant acquiring business is yet another step towards creating a one stop shop environment for our growing client base.”
