The Rise of Digital Payment in Qatar’s Fintech Revolution

varsha sarkar

May 24, 2023

3:33 pm

Qatar's Fintech Revolution

There has been a significant digital transformation in the Gulf region recently, and Qatar has been ahead in this race. We are witnessing Qatar taking very strong actions for the finance and commerce industry in the coming times; it has been consistently active in the initiatives related to digital transformation.

Qatar is undergoing several changes that will impact the coming generations in a very positive way. The e-commerce world will not only attract people to buy goods and services with ease but will also encourage them to make cashless payments without any hassle.

According to the experts, the main reason behind this shift is the newly presented Qatar Fintech Strategy. This new strategy is expected to light up new hopes in financial services through innovation and development. Experts hope this strategy will reach the financial growth goals wrt Qatar National Vision 2030.

There has been a consistent show of efforts by the government in Qatar to fasten the process of E-Commerce and FinTech growth in their country. With their clear vision and hard work towards it, they are pertinent to reaching the goal by 2030.

Online payments and Qatar shopping experience

With the increasing popularity of e-commerce, online payments have become a crucial component of the shopping experience in Qatar, enabling customers to pay for purchases quickly and securely from the comfort of their homes.

NAPS and National ATM have played a dynamic role in supporting financial growth through a safe and secure payment system.

In October 2022 there was an announcement by Qatar Central Bank declaring a robust payment infrastructure and presenting the first National PrePaid Card named ‘Himyan”. Experts appreciated this step by the bank and saw this as vital to establishing a modern payment system. Qatar has been investing heavily in digital transformation initiatives in recent years, aiming to become a smart nation and a leader in the digital economy. Some of the key initiatives and projects that are part of this effort include:

Qatar’s Tasmu Initiative: It was launched in 2021 and was implemented to support smart solutions and make the economy more enhanced and technology-enabled. This focuses on five sectors: Transportation, Logistics, Healthcare, Environment, and Sports.

This initiative heavily focuses on the sustainable use of resources and promotes cashless payments with full privacy and security.

With an agenda to fulfill this mission, The Qatar National Bank is carrying out guidelines to modernize computerized banking, crowdfunding, open banking, insurance tech, and rising advances like cloud administrations and electronic KYC, across three periods of drives.

Fintech’s continued leadership is causing an exceptional move in Qatar’s financial landscape. With 22% of all transactions in 2022, the fintech sector has already started to rule the market.

Conclusion

In conclusion, the newly introduced era of digital payments and Qatar’s fintech revolution determine the future of finance and commerce throughout the Middle East and beyond. 

A few takeaways from this post are mentioned below:-

  • Online installments in Qatar have encountered colossal development, with Rests handling development at a pace of 155% year over year.
  • Tasmu Initiative is also proving beneficial wrt supporting Qatar to be a smart city and pushing it further for growth and development.
  • The Qatar Fintech Strategy, which was just released, is driving the growth of Qatar’s financial services industry and establishing the nation as a center for cutting-edge eCommerce and fintech solutions.

varsha sarkar

May 24, 2023

3:33 pm

Related Articles

Apple Warns iPhone Users of Spyware Attacks: Protect Yourself Now!

July 17, 2024

Attention iPhone users! Apple has issued a fresh warning about a surge...

Read More

Continuous Compliance Monitoring: Ensuring Ongoing Regulatory Adherence

July 17, 2024

In an increasingly regulated business environment, maintaining compliance with industry standards and...

Read More

Azure Functions Get a Power Boost: Key Updates from Microsoft Build 2024

July 17, 2024

Microsoft recently unveiled exciting updates for its serverless offering, Azure Functions, at...

Read More