The value of transactions on the payment systems in Qatar during the month of April increased to about 11.6 billion riyals .. The Qatar Central Bank revealed that the payment using banking cards included 3.54 billion the total value of transactions on e -commerce and the total number of transactions reached 8.95 million, and for transactions on points of sale, the total value reached 8.05 billion riyals, and the total number of transactions reached 40.11 million. As for the immediate transfer systems (immediately) Fawran – the total value amounted to 2.11 billion riyals and the total number of transactions is 1.30 million transactions, and the total recorded accounts amounted to 3.03 million accounts.
As for the statistics of immediate conversion systems last April with the mobile payment system, the total value reached 166.08 million, the total number of transactions reached 174 thousand transactions, and the total registered portfolios 1.31 million wallets.
Support open applications
The Qatar Central Bank has begun to develop the infrastructure of payment and settlement systems, and the project provides new services that include: the immediate transfers service between accounts .. the unified address service to conduct payment operations through the phone, the personal number, or the account number .. the central system service to reduce fraud and money laundering .. the service of payment electronically .. delegation management services and direct deduction.
The project also provides new services that include: credit services (buy now and pay later). Providing a developmental future payment system, and is able to support population growth in the State of Qatar and increase the number of transactions for the next 10 years.
And the possibility of inter -operation to provide a system that allows the inter -operation between payment operations, whether it is between a bank account or an electronic portfolio. Providing immediate payment and transfers services 24 hours.
The project also provides services that include: the ease of integration, as it supports open applications to serve both financial technology companies and financial institutions, and to provide a supervisory system that allows the Qatar Central Bank to monitor all transactions and maintain the confidentiality of information. In addition to combining most payment systems into a unified system at Qatar Central Bank. Organizing and strengthening the management of liquidity and financial centers, and developing the settlement and elimination of the movements implemented on the accounts of the participating financial institutions.
Instant payment and transfer services for funds
The Qatar Central Bank confirms that the Qatar Mobile Payment System (QMP) has achieved many advantages, the most important of which is the expansion of payment methods and electronic transfers in the country, as well as achieving financial inclusion by providing service to all groups of society from citizens, residents and visitors of the state.
In addition to financial transfers and immediate payments around the clock, immediate transfers for individuals through the phone number or the nickname and facilitate the electronic payment operations of the traders through the QR Code.
The “Central” explained that the service is available to all groups of society from citizens, residents, and visitors, which ensures the achievement of financial inclusion, through registration and construction of the portfolio remotely, registration without a minimum balance, and reduce dependence on cash besides paying low commissions.
He added that the Qatar mobile payment system (QMP) is the first national network that can be operated with the payment services and immediate transfers via the mobile phone with the Qatar Central Bank, as it works to link all the service providers to the mobile phone licensed phone in the country.
The system provides a new and safe way for immediate electronic payment to provide payment services and immediate transfers for mobile money across the clock through electronic portfolios,
Electronic portfolios are registered on the system for the purposes of exchanging financial movements between e -wallets through the licensed payment services providers in the country, and the transfer can also be transferred to bank accounts and vice versa to the same customer with the portfolio. This would contribute to reducing dealing with paper and metal criticism and the risks that follow it, such as its loss, its damage and others.