3.7 million active cards.. “Central”: 3.4 billion riyals in online payment operations in June

Mark
Written By Mark

Data from Qatar Central Bank showed that the value of online payments in Qatar increased during the month of June to 3.47 billion riyals, compared to its level in June 2023, which amounted to 2.48 billion riyals.
Qatar Central Bank said in a tweet on the social media platform “X” that the volume of online payment transactions reached 7.26 million transactions in June 2024, while 5.09 million transactions were recorded in the same month last year.
The Central Bank indicated that the number of point-of-sale devices in Qatar reached 73,979 devices last June, compared to 66,775 devices in the same month of 2023. 34.83 million transactions were conducted through them, compared to 31.06 million transactions in June 2023.
The Central Bank stated that the value of POS transactions in the country during June 2024 reached 7.78 billion riyals, compared to 7.54 billion riyals in June 2023.
The Central Bank indicated that the number of active cards in June 2024 amounted to about 3,730,794, divided between direct debit cards with 2,294,161, credit cards with 723,199, and prepaid cards with 713,434 cards.
It is worth noting that Qatar Central Bank had previously revealed an increase and growth in the volume and value of electronic payment transactions and the number of point-of-sale devices in the country.
Last March, the Central Bank announced the launch of the instant payment service “FAWRAN”, which is considered one of the innovative and advanced services, in line with the third strategy of the financial sector, and in continuation of the efforts of the Qatar Central Bank to develop the infrastructure of payment systems and keep pace with the latest developments in the field of payment systems and electronic money transfer.
The instant payment service “Fawra” is considered one of the leading services in the fields of digital payment and transfer in Qatar, which reflects the keenness of the Qatar Central Bank to provide the best services to customers of banks and financial institutions in the country, and meets their growing needs in line with the increasing demand for financial technology services, and facilitates financial and commercial transactions between bank accounts of individuals and companies in keeping pace with the rapid development witnessed by the national economy.
The instant payment service “Fawra” was designed based on a system that relies on the latest technologies and security standards, in order to maintain the security and confidentiality of the information created by Qatar Central Bank to enable financial institutions to provide the service to their customers with complete reliability, as all protection standards were taken into account when transferring money from the sender to the beneficiary.
One of the most prominent features of the “Fawra” service is that it enables bank customers to send and receive money in the country instantly, within moments. It is also available 24 hours a day, 7 days a week, without interruption or interruption. It enables the sender to verify the name of the beneficiary (recipient) before completing the transfer process, in addition to ease of use through the banks’ mobile phone applications, and the use of easier alternative identifiers to identify the beneficiary such as (mobile phone number, nickname) instead of the international bank account number (IBAN). The banks provide the service through mobile banking applications and their digital channels.
This service contributes to maintaining the privacy of customer data, especially the IBAN account number, as the sender only needs the beneficiary’s nickname or mobile phone number to carry out the money transfer or payment. If someone tries to identify user accounts without carrying out money transfers, the service will be stopped immediately. In the event of an error or doubt in the transfer process, the customer can object to the process through the channels designated for objection by his bank through which he carried out the transfer or payment process via the Fura service.
There is also “QPAY”, the latest online card payment solution in Qatar, which allows all NAPS National Switch ATM POS debit cardholders to purchase goods and materials online without worry.
QPay also allows customers to shop and pay securely on the website by entering a One Time Password (OTP) they receive via SMS, in addition to their PIN (to verify card ownership and ensure no unauthorized use). The transaction is then completed successfully and all NAPS debit cardholders can now benefit from an easy and convenient way to pay online anytime, anywhere.
Qatar Central Bank’s initiatives to reduce fees on electronic payment transactions and fees for installing and activating point-of-sale devices have contributed to the growth in the volume and value of electronic payment transactions and the number of point-of-sale devices in the country.