The bank launches Samsung Wallet – ThePaypers
Samsung Wallet is a mobile payment platform that supports the shift towards digital wallets and provides a secure electronic payment method around the world. Samsung Wallet works in any store in Qatar and abroad that accepts contactless payment. Customers can also pay in their apps and online simply with Samsung Wallet at checkout without having to enter credit card details every time.
Registration to Samsung Wallet is instant and requires a few simple steps. Customers also need to turn on the NFC function on their phone or Samsung watch to enable contactless payments. They can add up to ten payment cards including credit cards, prepaid cards, and debit cards to their Samsung Wallet. Since the entire card number is not stored on the mobile device, paying with Samsung Wallet is a secure payment method.
Samsung Wallet is the latest addition to the bank’s mobile payment solution host and a step towards developing payment options, contributing to Qatar’s efforts to achieve a cashless society, and providing customers with more convenience when shopping or dining.
Mobile payments from Qatar Islamic Bank
in August 2022The bank introduced Google Pay to debit, credit, and prepaid card holders who can start using their Android and WearOS devices to tap and pay on the go. Google Pay is a digital wallet and payment platform from Google that enables customers to pay for transactions with their bank cards using Android and WearOS devices in stores and online, where contactless payments are accepted.
in December 2021The bank has introduced the Al-Tahriba Payment Service, which allows customers to settle their corporate tax invoices directly from the bank’s mobile application. This feature helps customers to settle their tax invoices within minutes and automatically calculate and process different types of taxes, as well as assist taxpayers in managing their share in accordance with Qatar tax laws. Customers can take advantage of the 24/7 service and will receive real-time feedback to eliminate any potential errors.
Earlier that yearThe bank announced the launch of a video banking service through the bank’s smartphone application.
Qatar’s transition to a cashless society
Expanding financial services in Qatar has been a priority in recent years, which is exemplified by the Qatar National Vision 2030, as well as other government strategies.
Qatar Central Bank (QCB) sees financial technology as critical to the sector’s long-term development, and an opportunity to increase access to finance for small and medium businesses in the GCC. Individual banks, both conventional and Islamic, are promoting access to finance. For example, Qatar Islamic Bank (QIB), the largest Shariah-compliant bank in the Middle East by assets, introduced automated credit applications that reduced SME application processing time by 80%, and disbursement time by 50%.
While the pandemic has accelerated the digitization trend in Qatar’s banking sector, spurring investment in automation software, cloud-based technology, and contactless technologies, there is room for growth. In fact, Qatar’s spending on ICT is expected to reach $9 billion by 2024, expanding at a compound annual growth rate of 9.2%, highlighting the scope for continued progress.
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