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Posted On: 29 April 2014 12:08 pm
Updated On: 12 November 2020 02:14 pm

Q-Post to start electronic money transfer

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The Qatar Postal Services Company — Q-Post — will soon provide electronic money transfer service to India, Tunisia, Morocco and Yemen, an official said yesterday.

Q-Post will soon sign agreements with these countries for this purpose, the Qatar New Agency reported yesterday quoting Mohammed Al Jabor Al Nuaimi, director of trade and financial affairs at Q-Post.

He was addressing a workshop on electronic money transfer which opened here yesterday.

Q-Post, which currently provides electronic money transfer to Egypt is preparing to enter the sector in a big way, hinted the official.

It has conducted studies on similar money transfer services in the local market and has started work on creating the required infrastructure for extending the service to several Arab and non-Arab countries, he added. The service will be available at all Q-Post branches, he added.

Q- Post is expected to use the International Financial System (IFS) application to compete with other service providers.

IFS uses electronic data interchange (EDI) to send international money order data electronically, using sophisticated data encryption techniques to ensure the integrity of the data sent over the postal network.

Al Shaz Ali Al Mukhtar, regional coordinator of International Postal Union, said a project is underway to implement electronic money transfer services within the Arab and North African countries.

The project, which is in its second phase, will be practically implemented in 2016. The Arab Postal Corporation will lay down the infrastructure and make the required arrangements, he added.