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Qatar high-tech banking system capable of absorbing pressure during FIFA World Cup

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Doha: The FIFA World Cup Qatar 2022 constitutes a great opportunity for promoting further the digital transformation of the State’s banking system, and building on the achievements made during the Covid-19 pandemic period which marked a major shift in the field of digital banking services, benefiting from the adequate infrastructure available in the banks operating in the State which helped realize rapid digitalisation of services.

In this context, Qatar Central Bank (QCB) unveiled in the past few months a range of initiatives to enable secure, fast and affordable digital payments lined up for the FIFA World Cup Qatar 2022.

Among the most prominent initiatives was QCB issuing the first license in the country to provide digital payment services via “Google Play”, along with many guidelines that regulate and license various payment activities in the country. According to QCB, the new services include the issuance of e-wallets through Qatar Mobile Payment system and its uses (merchants services and local money transfer), in addition to offering international money transfers through the e-wallet, via a bank or an exchange shop licensed in the State of Qatar.

In late August, QCB issued the first license in the country for digital payment services to Ooredoo Money and iPay by Vodafone Qatar. In statements, CEO of QNB Group Abdullah Al Khalifa said: “The Group has laid out and dedicated a full plan over the years aimed to develop its technological services in order to better serve the mass of visitors in a distinctive and seamless way during this tournament. We strive to achieve a successful edition of the FIFA World Cup, which is why we have dedicated all our services, digital products and our workforce to ensure that we mark our presence with excellence throughout the tournament. This includes dedicating our ATMs as the sole provider of ATM machines in and around all eight stadiums along many other key locations that are expected to host a large number of fans and spectators.”

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