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In February 2024, the value of Qatar’s online payment business increased to 3.6 billion riyals, an increase of about 1.5 billion riyals from February 2023, of which the payment business was worth about 2.37 billion riyals, while it reached 2.03 billion riyals in February 2022.
The Central Bank of Qatar released the monthly report on Qatar’s online payment business in February, which showed that the transaction volume of Qatar’s online payment business reached 6.02 million in February 2024, compared with 4.5 million in February 2024. In February 2023, its transaction volume reached 3.53 million, while in February 2022, the number of transactions reached 1 million.
The central bank explained that the value of Qatar’s point-of-sale equipment business reached 7.9 billion riyals in February 2024, while it was approximately 6.64 billion riyals in February 2023 and 5.22 billion riyals in February 2022.
Regarding the volume of POS devices in operation in Qatar, the Qatar Central Bank explained that the volume of transactions in February 2024 was 33.41 million, while the volume of transactions in February 2023 was 26.50 million and the number of transactions in February 2022 was 19.53 million.
In February 2024, the total number of active cards reached 3,533,747 cards, including 2,149,282 direct debit cards, 676,095 credit cards and 708,370 prepaid cards.
Online shopping increases during the holiday season
Qatar Central Bank has reiterated on its website that bank customers should exercise caution when conducting financial transactions over the internet during the current period, with increased purchases during the festive season. Qatar Central Bank stressed the importance of purchasing from secure websites that use the latest technology to protect the confidentiality and integrity of financial information, and stressed the importance of avoiding scams on seemingly legitimate and professionally designed websites that are designed to collect private information from visitors who lack awareness.
The Qatar Central Bank provides a series of recommendations for online shopping, including: it is necessary to research merchants before buying online and always buy goods from reputable stores and retailers’ websites, explaining that reliable companies must have their business address and at least one phone number for customer service or to order products.
Whenever possible, inquire over the phone and determine the legitimacy of the business, verify any unfamiliar, unprofessional or inappropriate content, verify quantities before completing the ordering process, and never respond to or open electronic links or email attachments from unreliable or unknown sources.
The central bank explains that secure websites use encryption to transfer files from a customer’s computer to the merchant’s computer system over an electronic network, thus maintaining the confidentiality of information such as credit card details. You can identify a secure website by looking for the URL or “Https” in the address bar when entering personal or financial data. This means that the information that flows between your browser and the website you are trying to buy from is kept private, which in turn keeps prying eyes away because the website does not allow you to save your credit card information on file.
System software update
The central bank requires ensuring that there is a small lock in the address bar or the lower right corner of the display window, while always ensuring the presence of the lock symbol in the browser, knowing that the presence of this symbol indicates a secure communication channel, but does not necessarily indicate the legitimacy of the website.
The Qatar Central Bank also requires that system and website browser software be kept up to date by installing their latest updates. This is to ensure the security of the setup and its high performance, and the central bank emphasizes the importance of permanent inspection of electronic devices, including mobile phones.
To protect it from threats represented by viruses, spyware or spam, and to protect personal information, it is also necessary to save all information related to bank transactions and permanently view your bank statements, while keeping a copy or writing down an introductory note about the bank transaction seller, product description and time, date and price of payment, or offer of the product, in addition to keeping a printout of the order confirmation screen and all transactions made by email. And constantly check suspicious bank transactions, the Central Bank also requires that online payment or shopping passwords should not be disclosed.
For example: Your own PayPal account
Verified by VISA and MasterCard Security Code
New payment services
Qatar Central Bank has started developing the infrastructure for payment and settlement systems. New services offered by the project include: instant transfer services between accounts… unified address services for payment operations via phone, personal number or account number… central system services to reduce… fraud and money laundering activities… electronic bill payment services… authorization management and direct debit services.
The project also provides new services including: Credit services (buy now, pay later). Providing a scalable future payment system capable of supporting the State of Qatar’s population growth and increasing the number of transactions over the next 10 years.
and the possibility of interoperability, to provide a system that allows interoperability between payment processes, whether between bank accounts or electronic wallets. Instant payments and transfers are available 24 hours a day.
The project also provides services such as: easy integration, as it supports open applications to provide services to financial technology companies and financial institutions, and provides a supervision system that enables the Qatar Central Bank to monitor all transactions and maintain the confidentiality of information. In addition to integrating most payment systems into the unified system of the Qatar Central Bank. Organize and strengthen the management of liquidity and financial conditions, and develop settlement and clearing processes for transactions performed on the accounts of participating financial institutions.
Expand payment methods
and electronic transfers
Qatar Central Bank confirms that the Qatar Mobile Payment (QMP) system has achieved many advantages, the most important of which is to expand payment methods and electronic transfers in the country, in addition to achieving financial inclusion by providing services to all sectors of society, including citizens, residents and tourists in the country. In addition to instant and around-the-clock financial transfers and payments,
Instantly transfer money to individuals via phone number or alias, and facilitate electronic payments to merchants via QR codes.
The central bank explained that the service is aimed at all sectors of society, including citizens, residents and tourists, ensuring financial inclusion through remote registration and wallet creation, no minimum balance registration, and reduced reliance on cash payments with low commissions. He added that the Qatar Mobile Payment (QMP) system is the first interoperable national network for payment services and instant transfers via mobile phones from Qatar Central Bank as it works to connect all licensed mobile payment service providers in the country.
The system provides a new, secure, instant electronic payment method, allowing instant payment services and fund transfers via mobile phones 24/7 via electronic wallets.
E-wallets are registered on the system with the aim of conducting financial transactions between e-wallets through payment service providers licensed in the country, as well as transferring money from wallets to bank accounts and vice versa. This will help reduce the handling of paper and metal currency and the associated risks such as loss, damage, etc.
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