(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha, Qatar: The point of sale (POS) and e-commerce transactions in Qatar witnessed significant growth in November, Qatar Central bank (QCB) data has shown.
POS transactions were valued at QR7.90bn in November 2024 compared to QR7.21bn in November 2023 and QR6.84bn in November 2022, showing a surge of 10 percent and 16 percent respectively.
The volume of point of sale transactions stood at 38.30 million in November this year, while it was 31.60 million in the same month last year and 30.01 million in November 2022, recording an increase of 21 percent and 27 percent respectively, according to a post on QCB's social media handle.
The number of point of sale devices in Qatar totalled 75,755 in November this year compared with 69,128 in November 2023 and 63,821 in November 2022.
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.
The number of active debit cards stood at 2,422,131 in November. Credit cards and prepaid cards totalled 754,839 and 759,962 respectively in November 2024.
Meanwhile, the volume of e-commerce transactions reached 7.68 million in November 2024 with a value of QR3.38bn, showing a year-on-year surge in value of e-commerce transactions by 9 percent and 19 percent in November 2023 and 2022 respectively. The volume of e-commerce transactions in Qatar reached 5.66 million and 5.08 million in November 2023 and 2022 respectively.
Qatar Central Bank's innovative instant payment service 'Fawran' aims to develop a digital payment ecosystem in the country.
The service significantly benefits customers across the country and enables the beneficiaries to receive funds within seconds. It operates 24/7 and can be used through mobile banking applications and digital channels. In line with the Third Financial Sector Strategy and in the framework of developing the country's digital payments infrastructure, QCB launched Himyan Debit Card. 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.
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