Latest news with #QatarMobilePayment
Zawya
7 days ago
- Business
- Zawya
Qatar's QCB records 54.02mn payment system transactions valued at $4.19bln in May
Qatar recorded as many as 54.02mn transactions valued at QR15.28bn through the country's payment system in May 2025 with point-of-sales constituting a vast majority, according to QCB data. Qatar recorded as many as 54.02mn transactions valued at QR15.28bn through the country's payment system in May 2025 with point-of-sales constituting a vast majority, according to Qatar Central Bank (QCB) data. The point-of-sales constituted 56% of the payment system transaction, followed by e-commerce 26%, Fawran or instant payment system 17% and Qatar Mobile Payment at 1% in the review period, the QCB said in its social medial handle X. There were 42.74mn card transactions through point-of-sales, which enables merchants to process payments and log transactions, valued at QR8.55bn in the review period. The 0.45mn e-commerce transaction were valued at QR3.97bn in the review period. The point-of-sales and e-commerce together constituted QR12.52bn in May 2025. Fawran – a real-time payment service in Qatar, allowing users to send and receive money instantly and securely within the country – registered as many as 1.65mn transactions valued at QR2.59bn in the review period. There have been a total of 3.1mn total registered Fawran accounts. Fawran was launched in 2024 and system members are QNB, Commercial Bank, Qatar Islamic Bank, Ahli Bank, Dukhan Bank, Doha Bank, QIIB and AlRayan Bank. Qatar Mobile Payment (QMP) – which allows immediate transfer of funds between registered customers through any registered payment service providers – saw as many as 189,000 transactions valued at QR181.97mn in May 2025. There has been a total of 1.34mn registered wallets. The QMP is a centralised payment system that was launched in 2020, to enable individuals and corporates to perform instant fund transfers between e-wallets within payment service providers in Qatar. The system members are QNB, Commercial Bank, Doha Bank, Qatar Islamic Bank, Ahli Bank, QIIB, Arab Bank, HSBC Qatar, AlRayan Bank, Dukhan Bank, i-pay and Ooredoo Money. Qatar Payment System (QPS) is designed on the concept of real-time gross settlement (RTGS) and electronic straight through processing (e-STP). QPS is based on the SWIFT network and messages standards and utilises the SWIFT messages to reconcile and settle the local payments and securities ownership transfers. QPS is linked to the QCB clearing system, book-entry government securities system, and currency issuing application. All applications are driven by swift messages such as (MT202, MT203). Qatar's retail payment system comprise electronic cheque clearing system; national network system for ATMS and Points of Sales (NAPS); QMP; direct deposit and debit (QATCH); electronic payment gateway (QPay); wage protection system (WPS); and Fawran. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Zawya
14-04-2025
- Business
- Zawya
Qatar's QCB announces provision of multiple wallets per mobile number feature
Doha: Qatar Central Bank (QCB) announced the provision of the 'Multiple Wallets per Mobile Number' feature in Qatar Mobile Payment (QMP) system, in line with the Third Financial Sector Strategy, and as part of QCB's ongoing efforts to enhance the mobile payment services in the country. In a post on its X account (previously known as Twitter), QBC said that this feature allows the opening of two wallets for the same user using the same mobile number with different payment service providers. It also allows users to set one default account to receive all incoming transfers as well as manage the accounts and change the default account at any time. QCB stressed that this step marks a significant advancement in mobile payment, enhancing the users' experience, fostering competition and innovation, and supporting financial inclusion, adding that it also underscores the bank's commitment to enhancing mobile payment services and further enhancing financial inclusion in the country. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
