QNB Group, Mea’s largest financial institution, has launched the first locally established payment gateway in Qatar, QNB Payment Gateway.
The gateway was created to provide local merchants with an advanced payment solution to simplify digital payments performed in e-commerce.
This solution offers retailers a secure online payment method for credit, prepaid and debit card (QPay) payments, according to a statement.
Services such as e-invoicing solutions, local and international digital wallets, online acceptance of QNB loyalty points, and online instalment plans for merchants’ use will be available in the new payment channel.
Senior executive vice president at Group Retail Banking, Adel Ali Al Malki, said: “We are pleased to announce QNB Payment Gateway as one of the strategic projects that come in line with our vision to provide the latest technology and innovative payment solutions to our merchants.
“This advanced payment getaway aims to simplify and secure digital transactions for consumers and merchants, through an innovative platform to keep up with the ongoing digitization of payments that fits within our sustainable strategy aimed at reducing cash payments in support of Qatar National Vision 2030.”
In January, the Group introduced a new biometric payment acceptance tool, seeking to empower its merchants and consumers in Qatar.
This innovation allows consumers to verify payments against their purchases via facial verification. The solution does not require the use of a physical card or mobile phone once the preliminary enrolment is concluded.
Through its subsidiaries and associate companies, QNB Group is present in more than 28 countries across three continents.
The total number of employees is more than 29,000 operating through 900 locations, with an ATM network of more than 4,900 machines.
Senior executive vice president at Group Information Technology, Maryam Mohd Al Kuwari, said: “With the speed of processing transactions, the global reach to international customers and the wide range of payment platforms that will become available to local merchants, QNB Payment Gateway will be the catalyst for online payments that merchants can take advantage of and gain a competitive edge against their competitors.”
According to Mordor Intelligence, the Qatar e-commerce market size is expected to grow from $3.82 billion in 2023 to $5.99 billion by 2028, growing at a compound annual growth rate of 9.40 per cent during the forecast period.
