Nature

QCB launches mobile payment system for ‘cashless’ transactions

Gulf Times   |   24 April 2019

HE the Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saoud al -Thani has launched the ‘Qatar Mobile Payment System’ (QMP), which provides a new and safe method for immediate electronic payment.

 

The new system was introduced after completing the infrastructure and all the requirements of the central system for electronic payment at the national level, according to international best practices in the field of mobile payment services.

 

The system, which was recently implemented, aims to enable the user to use the electronic wallet on his or her mobile phone to carry out electronic payments from one person to another and pay the purchase price in addition to conducting withdrawals and cash feeds for electronic wallets in an instant, round the clock, seven days a week. It enables the opening of electronic wallets for all users alike, which contributes to enhancing financial inclusion in the country.

 

To make payments easily and quickly, Qatar Central Bank 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 QCB governor said that the launch of this service comes in implementation of Qatar National Vision 2030 to develop an electronic payment environment and access to a high-level national payment system.

 

He noted the importance of cooperation in the financial and banking services sector with ministries, departments, public institutions and telecommunication companies in order to implement this system and take the electronic payment service to the required level, so that all users can pay using their electronic wallets at all points of sale, public transportation and the ministries and institutions which will help to raise the payment systems in general in achieving access to financial inclusion and reduce dealing with paper money, which will reflect positively on the activities of institutions and citizens.

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