12/07/2024 3:40 PM


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Qatar Central Bank launches Qatar Mobile Payment System

Qatar Central Bank (QCB) has launched the “Qatar Mobile Payment System” (QMP), which provides a new and safe method for immediate electronic payment, after completing the infrastructure and all the requirements of the central system for electronic payment at the State level.

FinTech + Digital image

Qatar Central Bank launches Qatar Mobile Payment System

The system Qatar Mobile Payment System aims to enable the user to use an electronic wallet on their mobile phone, to carry out P2P payments and pay for goods and services in addition to conducting withdrawals and cash feeds for electronic wallets in an instant. The system also enables electronic opening of the wallet for all users alike, which contributes to enhancing financial inclusion in the State.

To make payments easily and quickly, Qatar Central Bank (QCB) has issued unified specifications and standards for the QR code that enables users to make payments by scanning the response code (QR Code) through the mobile phone at POS and for public transportation.

Qatar Islamic Bank (QIB) is one of the first banks in Qatar to go live with the Qatar Mobile Payment System digital wallet initiative on its mobile app. The new payment method supports the efforts led by Qatar Central Bank to achieve a safe, secure and cashless economy, ahead of the FIFA World Cup Qatar 2022 and beyond.

HE the Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saoud Al -Thani noted the importance of cooperation in the financial and banking services sector with ministries, departments, public institutions and telecommunications companies in order to implement this system and reach the electronic payment service to the required level, so that all users can pay using their electronic wallets and reduce dealing with paper money, which will reflect positively on the activities of institutions and citizens.

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