Qatar Central Bank Issues First Digital Payments License

iPay by Vodafone Qatar and Ooredoo Money has received the first licenses from Qatar’s Central Bank for digital payment services, the bank announced in a tweet on Tuesday. أصدر مصرف قطر المركزي أول ترخيص في الدولة لشركتين تمارسان نشاط تقديم خدمات الدفع الإلكتروني.#مصرف_قطر_المركزي pic.twitter.com/XSqoO1V3SO — مصرف قطر المركزي (@QCBQATAR) August 30, 2022 According to the statement, licensing online payment businesses is the first step toward adding more digital payment businesses to the central bank’s oversight. QCB stated its goals are to advance financial inclusion and help the nation’s financial technology sector grow. Qatar Improving Digital Payment Infrastructure Qatar is improving its digital payment infrastructure to accommodate an increase in foreign tourists as it prepares to host the FIFA World Cup this winter. Qatar saw the launch of the Google Pay digital wallet last week. According to QCB’s tweet on the development, “all worldwide digital wallet services for cards, like Apple Pay and Samsung Pay, are now accepted in Qatar, enabling tourists, particularly during the world cup, to process and finish their digital purchases.” Qatar’s banking industry is relatively minor compared to that in other GCC nations like Kuwait and the United Arab Emirates, despite being home to Qatar National Bank (QNB), the largest financial institution in the Middle East in terms of total assets owned. Even though the industry is small, it h...