E-Commerce Transactions Reach QR3.66Bn In March

(MENAFN- The Peninsula) Deepak John |The Peninsula

Doha, Qatar: Qatar's e-commerce market is set to scale new heights as the boom in country's e-commerce market will continue with growing number of retailers and consumers shifting to online platforms.

Qatar Central Bank (QCB) yesterday revealed the details of the point of sale (POS) and e-commerce transactions in Qatar for March 2024.

Through its social media handle, QCB said the volume of e-commerce transactions reached 6.44 million in March 2024 with a value of QR3.66bn showing a year-on-year surge in value of e-commerce transactions by 43.5 percent and 18.4 percent in March 2023 and 2022 respectively.

Meanwhile, the volume of e-commerce transactions in Qatar stood at 4.90 million and 4.34 million in March 2023 and 2022 respectively.

The post also noted that the volume of POS transactions reached 32.43 million with a value of QR8.13bn in March 2024 against QR7.72bn and QR6.60bn respectively in March 2023 and 2022, a jump of 5.31 percent and 23.18 percent on a yearly basis. The volume of POS transactions in Qatar in March stood at 29.50 million in 2023 and 23.20 million in 2022.

The number of POS devices in Qatar reached 70,567 in March 2024 whereas the devices totalled 63,832 and 50,103 in March 2023 and 2022 respectively. Revealing the details on the total count of active cards, the data showed 2,246,677 debit cards, 686,347 credit cards, and 723,395 prepaid cards in March 2024.

PoS solution provides innovative, secure, and highly efficient payment processing services as it supports contactless card transactions, eWallet, mobile PoS (mPOS), QR code scanner, and online billing and settlement.

Recently, QCB launched the innovative instant payment service Fawran which aims to develop a digital payment ecosystem in the country.

The service enables the beneficiaries to receive funds within seconds. It operates 24/7 and can be used through mobile banking applications and digital channels. The volume of e-commerce transactions reached 6.02 million in February with a value of QR3.06bn showing a surge in value of transactions by 29 percent and 50 percent respectively on a yearly basis in 2023 and 2022. The volume of POS transactions reached 33.41 million in February 2024 with a value of QR7.90bn in the same month this year representing a jump of 18 percent and 51 percent on year-on-year basis.

E-commerce market in Qatar is showing a significant growth rate and gaining momentum as it is widening opportunities in various sectors to expand further. There is also significant increase in the demand for digital banking products and services.

In line with the Third Financial Sector Strategy, and in the framework of developing the country's digital payments infrastructure, QCB also launched Himyan Debit Card recently. It is the first national prepaid card with a registered trademark in Qatar and is available at banks which can be used at all point of sale, ATMs, and online e-commerce transactions within the country.

This marks a qualitative addition to e-payment solutions available in Qatar and enriches offerings for local bank customers, while contributing to the promotion of financial inclusion in the country, and bringing progress toward its transition to a cashless society.

The initiative is in line with QCB's efforts to develop electronic payments system in Qatar and enhance the financial inclusion in the country.


The Peninsula

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