Qatar Central Bank launches mobile payment system

Monday 30 March 2020 11:17 CET | News

The Qatar Central Bank (QCB) 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 users to use their electronic wallet on their 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.

Qatar Central Bank has also issued unified specifications and standards for the QR code that enables users to make payments by scanning the response code through the mobile phone at POS 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.

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Keywords: Qatar Central Bank, QR payments, cashless payments
Categories: Payments & Commerce
Countries: Qatar
This article is part of category

Payments & Commerce