Data from Qatar Central Bank revealed that the value of online payment transactions increased during July 2024 to 3.63 billion riyals, compared to its level in July of last year, which amounted to 2.85 billion riyals.
The Central Bank stated on its official account on the social media platform “X” that the volume of online payment transactions amounted to 6.83 million transactions last July, an increase of about 35% on an annual basis, compared to 5.5 million transactions in July 2023.
Qatar Central Bank also indicated that the number of point-of-sale devices in Qatar reached 74,092 devices last July, compared to 69,040 devices in the same month in 2023.
32.45 million operations were performed through it, compared to 27.21 million operations in July of last year.
The Central Bank indicated that the value of point-of-sale (POS) transactions in the country increased during July 2024 to 7.10 billion riyals, compared to 6.48 billion riyals in July 2023.
The Central Bank indicated that the number of active cards in July 2024 amounted to about 3,744,992 cards, divided between direct debit cards with 2,308,809, credit cards with 726,744, and prepaid cards with 709,439 cards.
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.
QPAY is the latest online card payment solution in Qatar that allows all NAPS National Switch ATM POS (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 will then be completed successfully as all NAPS Qatari 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.
As part of its efforts to develop the infrastructure of payment and settlement systems, Qatar Central Bank has launched several new services, including: the instant transfer service between accounts “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 keeping 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.
