Visa Committed To Advance Secure And User-Friendly Payment Experiences In Qatar

(MENAFN- The Peninsula) Deepak John | The Peninsula

Doha: Qatar's financial and payments ecosystem has witnessed significant change, driven by the government's Qatar National Vision 2030 to transform the country into a knowledge-based economy, said Visa's Vice President & General Manager Kuwait and Qatar Shashank Singh (pictured).

Visa has been operating in Qatar – a key market for Visa - for several decades, working closely with the local government as well as banks, fintechs and businesses in the country to grow the digital economy. “Our presence in Qatar has grown, especially following the FIFA World Cup which Visa – as the exclusive payments partner – leveraged to introduce new payment innovations to the country,” Shashank Singh said in an interview with The Peninsula.

He noted that the Qatar Central Bank (QCB) has also been instrumental in developing the country's financial and payments ecosystem. For instance, it collaborated with the Qatar Development Bank to launch the Qatar FinTech Hub. Together, they are also establishing an infrastructure with regulations that support financial and digital payments in the country.

These developments are positive – they not only upgrade the current infrastructure but also expand regulations to include new startups and emerging technologies. Furthermore, the Qatar Financial Centre (QFC) is playing an important role in facilitating a smooth process for international companies like Visa to enter and operate in the market.

Commenting on the launch of 'Click to Pay', he said,“The launch of our biometric-enhanced Click to Pay in Qatar, a world first, underscores our commitment to advancing secure, user-friendly payment experiences in the country. In collaboration with QNB and Dibsy, this solution simplifies the checkout process by eliminating the need for passwords, codes, or long forms, while enhancing security through biometric authentication.”

On sites displaying the Click to Pay logo, consumers who have enabled their card will no longer need to enter a 16-digit account number or look up passwords. With Visa's advanced technology, including device binding, consumers can pay with confidence, knowing their transactions are secure.

And for businesses, Click to Pay allows them to offer a faster and more convenient payment, offering new and existing customers the easy, secure checkout experience they seek and deserve.

This initiative not only raises the standards of digital security and convenience but also strengthens Qatar's position as a leader in payment innovation, aligning with its ambitions for digital leadership.

Visa's Vice President & General Manager Kuwait and Qatar further highlighted how Qatar has advanced its physical and digital infrastructure to support the growth of its financial sector. Singh noted that there has been significant investment in local infrastructure by banks and financial institutions in Qatar.

A crucial aspect of this is establishing a strong acceptance network for card payments so Qatar-based retailers can offer consumers the digital payment experiences they increasingly seek. Just as important is the B2B sector where we have new technology to improve the money movement experience for corporates. QCB has been a key driver of investment and infrastructure development for B2B, which is then supported by banks.

Regulation is also playing an important role in this space. For example, QCB recently introduced regulations concerning blockchain.“This allowed us to launch Visa B2B connect, a solution based on distributed ledger technology, in collaboration with a B2B fintech company in Qatar. We are also working with several other banks to improve commercial money movement for corporates and businesses,” he added.

Visa's initiatives in Qatar are closely aligned with the country's vision for a resilient and inclusive digital economy.“The growth in digital payments is clear-eCommerce transactions on the Visa network have increased by 200% over the past four years, and we're focused on maintaining this momentum.”

“Our recent 'Value of Acceptance' survey in Qatar showed that 86% of local merchants saw significant business growth due to digital payment acceptance.”

“We are also prioritising the growth of the fintech sector by providing access to our global network and technology, helping accelerate innovation in the payments space through programs like the Visa Everywhere Initiative, which we launched for the first time in Qatar earlier this year.

Singh further said,“Our partnerships also support the government's efforts to boost the tourism sector, benefiting local merchants. Through our sponsorship assets like FIFA, we drive inbound tourism and help local businesses offer the digital experiences visitors expect when they come to Qatar.

For outbound travel, we're enhancing the payment experience for Qatari travelers with exclusive promotions from partners like Qatar Airways and innovations like our multicurrency Visa card with QNB, which transforms how travelers manage funds abroad or make foreign currency purchases locally.”

He added,“With these advancements, we expect Qatar's digital economy to continue to grow, bringing more of the benefits of digital payments to consumers, businesses, and the national economy.”

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