Qatar’s Central Bank has issued the country’s first digital payment license. The monetary institution said on Tuesday that it had granted digital payment licenses to two enterprises that provide electronic payment services. These are Ooredoo Money and Vodafone Qatar’s iPay.
Central Bank Of Qatar Issues First Digital Payment License
According to the article, this is the first step toward bringing all enterprises providing electronic payment services under the central bank’s supervision and regulation. Under suitable laws, the bank would also contribute to enhancing financial inclusion and innovation in the country. Qatar’s Central Bank has issued the first digital payment license in the country.
The central bank stated this week that financial institutions are preparing to introduce Google Pay, a mobile payment system. This came after they ran a series of tests on the service.
Meanwhile, Qatar now accepts all card-based digital wallet options, including Samsung Pay and Apple Pay. Qatar is presently preparing for the FIFA World Cup, which will take place later this year.
As a result, the government is developing numerous payment methods to allow simple money transactions. Furthermore, there will be a large number of tourists in the nation during the World Cup.
Ripple’s Partner Expands To The UAE
This step, according to the central bank, would allow visitors and tourists to handle digital payments. Meanwhile, numerous digital payment businesses are gradually reaching out to the Middle East.
Tranglo, Ripple’s partner, revealed last week that it has expanded its service to Qatar. To promote its ODL (On-Demand Liquidity) technology, the business built a new payment office in the UAE.
It is important to note that Ripple obtained a 40% stake in Tranglo in March 2021 in order to extend its services. Tranglo deployed Ripple’s ODL service across 25 of its payment corridors in March 2022.
Tranglo went on to explain why it expanded its services to the UAE. The growth of the Arab Gulf as a “key region” for cross-border payments is the most important of them.
In addition, there has been an increase in oil output in the area since the return of travel following the epidemic. Furthermore, the UAE is one of the world’s biggest remittance recipients and senders.
In 2020, the country received $6.78 billion in remittances and received $42.7 billion in outflows. This demonstrates the degree of economic activity in the area.
In The Footsteps Of China
Meanwhile, Qatar is not the only country using a significant event to expand its digital payment infrastructure. The Chinese government issued its digital Yuan at the 2022 Beijing Olympics.
The goal was to increase acceptance and usage during the Beijing Olympics, which drew tourists from all over the world. With the impending FIFA World Cup in November, Qatar intends to increase the use of digital payment in the country.
Furthermore, Qatar’s Central Bank’s recent decision and Tranglo’s expansion into the area would assist to increase digital payment usage.
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