Qatar Central Bank data revealed an increase in the value of online payment operations during the month of November 2024 to 3.38 billion riyals, compared to its level in November of last year, which amounted to 3.11 billion riyals, while it was recorded during November 2022 about 2.82 billion riyals.
The Central Bank stated in its official account on the “X” social media platform that the volume of online payment transactions reached 7.68 million transactions last November, an increase of about 27% on an annual basis compared to 5.66 million transactions in November 2023.
The Qatar Central Bank also indicated that the number of point-of-sale devices in Qatar reached 75,755 devices last November, compared to 69,128 devices in the same month of 2023.
Also, 38.3 million operations were performed through these devices in November 2024, compared to 31.6 million operations in November of last year.
The Central Bank indicated that the value of point-of-sale device operations in the country during the month of November 2024 increased to 7.9 billion riyals, compared to 7.21 billion riyals in November 2023.
The Central Bank explained through a statistical infographic that the number of active cards in November 2024 amounted to about 3,936,932 cards, divided between 2,422,131 direct debit cards, 754,839 credit cards, and 759,962 prepaid cards.
The Qatar Central Bank revealed an increase and growth in the volume and value of electronic payment operations and the number of point-of-sale devices in the country during the current year, as the Central Bank’s initiatives to reduce fees for electronic payment operations and fees for installing and activating point-of-sale devices contributed to the growth in the volume and value of electronic payment operations and the number of point-of-sale devices. Selling in the country.
QPAY is the latest electronic solution for online card payment in Qatar and allows all direct debit card holders of the Qatari NAPS network (NAPS National Switch ATM POS) 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) that they receive via SMS, in addition to their PIN (to verify ownership of the card and ensure no unauthorized use). After that, the transaction will be completed successfully, as all direct debit card holders affiliated with the Qatari NAPS network can now benefit from an easy and convenient way to pay online at any time and from anywhere.
As part of its efforts to develop the infrastructure for payment and settlement systems, the Qatar Central Bank launched many new services, which include: the instant transfer service between accounts “FAWRAN”, which is considered an innovative and advanced service, in line with the third strategy for the financial sector, and in order to keep pace with the latest developments. In the field of payment systems and electronic funds transfer.
The instant payment service “Fawra” is considered one of the leading services in the fields of payment and digital transfer in Qatar, which reflects the Qatar Central Bank’s keenness to provide the best services to customers of banks and financial institutions in the country, and meet their growing needs in line with the growing demand for financial technology services, and facilitate transactions. Financial and commercial transactions between the bank accounts of individuals and companies keep pace with the rapid development witnessed by the national economy.
