Qatar Central Bank confirmed the facilitation of electronic payment operations through the Qatar Mobile Payment System (QMP). Qatar Central added, on its official account on the social networking site «Twitter», that the system aims to enable users to use the electronic wallet on the mobile phone to carry out electronic payment operations and pay purchases, instantly and 24 hours a day, seven days a week.
Qatar Mobile Payment System (QMP) is the first operable national network for instant mobile payment and remittance services.
The system also provides a new and secure means of instant electronic payment around the clock through electronic wallets.
record levels
And banking sources responsible for the increase in electronic payment operations revealed during the first quarter of this year, as they reached record levels not seen before.
Electronic payment operations included money transfers, instant payments, instant transfers, payment of purchases to individuals through a phone number, and electronic payments to merchants through a response code.
The sources confirmed that the facilities implemented by the Qatar Central Bank in the system contributed to increasing the demand for electronic payments and reducing the circulation of cash in the markets, whether in paper or metal currencies.
The Qatar Central Bank confirmed that the Qatar Mobile Payment System (QMP) has achieved many advantages, the most important of which is the expansion of payment methods and electronic transfers in the country, in addition to achieving financial inclusion by providing service to all segments of society, including citizens, residents and visitors to the country.
In addition to financial transfers, instant payments around the clock, instant transfers to individuals through a phone number or a nickname, and facilitating electronic payment operations for merchants through the QR Code.
Available to all segments of society
The central clarified that the service is available to all segments of society, including citizens, residents, and visitors, which ensures the achievement of financial inclusion, through registration and creation of a wallet remotely, registration without a minimum balance, and reducing dependence on cash in addition to paying low commissions.
He added that the Qatar Mobile Payment System (QMP) is the first interoperable national network for payment services and instant transfers via mobile phone at the Qatar Central Bank, as it works to connect all licensed mobile payment service providers in the country.
The system provides a new and secure method for instant electronic payment, allowing payment services and instant money transfers via mobile phones around the clock through electronic wallets.
E-wallets are registered on the system for the purposes of exchanging financial movements between e-wallets through payment service providers licensed in the country. Transfers from the wallet to bank accounts and vice versa can also be made for the same customer who owns the wallet. This would contribute to reducing dealing with paper and metal cash and the risks that follow such as losing it, damage and others.
It is possible to register and use the service through any of the payment service providers (banks and licensed service providers) participating in the system, and several wallets can be registered for citizens and residents in accordance with the provisions of the Qatar Central Bank and the payment service provider, and one wallet can be registered for visitors.
The service can be identified by the mobile phone number, a pseudonym (alias), or both. One wallet is registered for each mobile number, alias, or both.
E-wallet registration requirements
– ID card for citizens and residents
Identity proof for state visitors (passport and entry visa)
– A smart mobile phone connected to the Internet
– An activated mobile number from a Qatari telecom company
The main services provided by the system:
Instant transfer of funds
The system allows instant transfer of funds between registered customers with all registered payment service providers through interoperability between them, as the system supports the following services according to what is provided by the payment service providers:
– Transfer of funds from person to person (P2P): An example of this is personal money transfers, payment of wages for domestic workers, and others.
– Transfer of funds from person to business (P2B): Examples include guarantee fees, invoices, donations, means of transportation, international transfers, and others.
