Vodafone Qatar announced that it has been granted the first license issued by Qatar Central Bank (QCB) to provide electronic payment services through its subsidiary Infinity Payments Solutions (iPay). Vodafone Qatar e-payment service
These new services include the issuing of electronic wallets through the iPay mobile payment system, which provides a payment feature for merchants and enables users to transfer funds locally.
The electronic wallet also facilitates international money transfers via a licensed bank or exchange service in the State of Qatar.
As per a Reuters report, this is a significant step to contribute to the development of the financial technology sector and induce more financial inclusion.
It is worth noting that Qatar will host the 2022 FIFA World Cup towards the tail end of this year. And because of that, the gulf state is working relentlessly to scale up its tourism sector and leave no stone unturned to welcome more than a million soccer fans.
This in turn will help in “enabling visitors, especially during the World Cup to process and complete their digital payments,” the Qatar Central Bank reportedly quoted.
Digital payments in GCC Vodafone Qatar e-payment service
As a matter of fact, the Arab Gulf region is a “key region” for cross-border digital payments post the pandemic. On top of that, the UAE is “one of the top” remittance senders and receivers worldwide. Last year, the region recorded $42.7 billion and $6.78 billion in remittance outflows and inflows.
A few months ago, the 2.8-million nation of Qatar joined a growing range of countries experimenting with the Central bank Digital Currency concept, most popularly known as CBDC. The Qatar Central Bank [QCB] was “in the foundation stage” of issuing its own digital currency.
This year, Afghanistan’s central bank has imposed a nationwide ban on cryptocurrencies this month and the Taliban regime which is currently in power has arrested several dealers who had refused to obey orders to stop trading digital tokens, a senior police official stated. Vodafone Qatar e-payment service