Financial Technology

All commercial outlets to provide e-payment service to customers

Doha: The Ministry of Commerce and Industry (MoCI) has mandated all commercial outlets operating in the country to provide an electronic payment service to customers without any additional charges for the service.

“Following a concept of ‘less cash more safety’, it has been made mandatory for all commercial outlets to provide one of three types of electronic payment services — bank card, bank payment wallet or QR code to customers,” MoCI has tweeted.

The Ministry said it is following the decision No. 70 of 2022 by the Minister of Commerce and Industry for amending some provisions of the decision of the Minister of Commerce and Industry No. 161 of 2017 regarding general and special conditions that are required from commercial, industrial and general outlets as well as those coming under its purview.

Dealing in cash requires lengthy processes such as withdrawing from bank and carrying cash to the banks among others, the Ministry noted. It said electronic payments also help reduce the risk of counterfeit money and cash burglary.

MoCI had issued a circular to all commercial outlets that are offering payment services through bank cards — credit cards and debit cards — asking them not to impose any additional charges for use of cards. 

Meanwhile, the authorities concerned have intensified efforts to provide a complete infrastructure for electronic payment system in the country.

Qatar Central Bank (QCB) last week announced the start of a project to develop the infrastructure for payment and settlement systems.

QCB aims to provide an advanced payment and financial transfer system that keeps pace with the developments of this sector. It will develop a system that allows interoperability between payments and transfers, whether it is between a bank account or a digital wallet. The development of the system will achieve higher rates of financial inclusion.

This is an initial step to include all companies providing digital payment services under the supervision of the Qatar Central Bank to contribute to the development of the financial technology sector and enhance financial inclusion.

QCB also launched the mobile payment service Google Pay in the country recently, reiterating that all global digital wallet services for cards such as Apple Pay, Samsung Pay, and Google Pay are now accepted in Qatar.

Source link

Leave a Reply

Your email address will not be published.