Qatar Central Bank announced in a tweet on 30 August 2022 that they have issued the first-ever license for digital payments services to Ooredoo Money & iPay by Vodafone Qatar.

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

As per QCB the granting of the license is a step toward providing digital payment services in Qatar under the supervision of the Central Bank.

This step is also expected to contribute to the overall growth and development of the financial technology sector in Qatar.

The new services that are included in this digital payment service will be the use of electronic wallets through the iPay mobile payment system. This would also mean that merchant payments can be made and local fund transfers will also be possible.

Along with these local services, international money transfers will be possible which will be executed via a licensed bank or exchange service in Qatar.

Source: Qatar Central Bank
Cover image credit: Shutterstock

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Fareeha Imtiaz

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