Vodafone has teamed up with Doha Bank to launch a mobile money transfer service allowing consumers in Qatar to send money locally and internationally via their handsets.
According to a statement, the Vodafone Money Transfer (VMT) service will be tested over the next few months to gain Qatar Central Bank approval before it is rolled out across the country at the beginning of next year.
“Doha Bank makes a great partner for Vodafone Money Transfer, they have the progressive attitude towards new technology and new business models which are needed to make this work.” said Grahame Maher, Vodafone Qatar’s CEO.
“Once Vodafone Money Transfer launches, it will establish Qatar as a leader in mobile financial services and contribute to His Highness Sheikh Hamad Bin Khalifa Al-Thani’s, Emir of Qatar’s 2030 vision.”
In order to use the service, customers need to apply for a VMT account from Vodafone Qatar and money can either be loaded onto their mobile phone from Doha Bank e-branches or loaded directly via a bank transfer.
The e-money can then be sent locally and internationally at any time or be used to pay for goods and services at local shops. The money is stored with Doha Bank giving customers to option to retrieve the money as cash at any point.
“Doha Bank is very excited by this partnership and is confident that Vodafone Money Transfer will be a great success in Qatar,” said R Seetharaman, Doha Bank’s CEO.
“Doha Bank has first hand online remittance experience with our D-Fast portal and an e-branch network that can help build the footprint of Vodafone Money Transfer in Qatar. The collaboration and this project is a good fit with Doha Bank’s electric banking strategy.”