QCB issues first digital payment licence

Ooredoo Money and iPay by Vodafone Qatar have been granted the nation’s first licences for digital payment services by the Central Bank of Qatar. The central bank stated in a tweet that the licence issuing process is “an initial step to include all companies providing digital payment services” under its oversight.

The move would “contribute to the development of the financial technology sector and enhance financial inclusion,” the Qatar Central Bank adds. Recently, there has been an upsurge in activity in the field of digital payments in Qatar.

The central bank had earlier in August declared that Google Pay would be introduced in the nation following the conclusion of the necessary tests. The state of Qatar accepts all global electronic wallet services for cards, including Apple Pay and Samsung Pay, according to a tweet from QCB.

In the meantime, Qatar National Bank (QNB) opened up its open banking platform to the nation’s fintechs as well as customers and partners of the bank in June.

According to QNB, the open banking APIs might change the fintech scene in Qatar and aid in the development of “innovative futuristic solutions” for citizens, residents, and foreign visitors.