Qatar Apex Bank Grants First Digital Payment License to Two Firms

• The central bank of Qatar has just granted its first digital payment license to two companies.
• Previously, the regulator announced its readiness to formally launch the mobile payment service, Google Pay.
• Qatar will host the FIFA World Cup 2022 by the end of the year, hosting more than a million soccer fans.

The central bank of Qatar has just granted its first digital payment license to two companies. The monetary authority tweeted on Tuesday that it has given greenlight to iPay by Vodafone Qatar and Ooredoo Money, two businesses that offer electronic payment services.

The apex bank believes the move is an initial step to include all companies providing digital payment services under the supervision of the Qatar Central Bank to contribute to the development of the financial technology sector and enhance financial inclusion.

Last week, the regulator declared that Qatari banks were prepared to formally launch the mobile payment service, Google Pay, following the successful completion of the required testing. Qatar now accepts all international digital wallet card services, including Apple Pay and Samsung Pay.

Notably, Qatar will host the FIFA World Cup 2022 by the end of the year, housing more than a million soccer fans. The apex bank further added that the recently granted license will assist in enabling visitors, especially during the World Cup, to process and complete their digital payments.

Players from other regions of the world have been progressively accepted into the middle east’s digital environment. Recently, Tranglo, a partner of Ripple, declared its entry into the area. After the pandemic, the Arab Gulf area became a key market for cross-border digital payments. According to reports, remittance inflows and outflows in the UAE totaled $6.78 billion and $42.7 billion, respectively, in 2020.