Qatar Islamic Bank (QIB) has partnered with Mastercard to launch its latest smart payment solution for merchants.
The new QIB SoftPOS app turns an Android smartphone into a Point-of-Sale terminal and enables secure acceptance of contactless payments on the device using embedded Near-Field Communication (NFC) functionality.
Through the QIB SoftPOS solution, powered by Mastercard, merchants’ Android smartphones can accept contactless transactions from all EMV contactless cards, and NFC-enabled phones with wallets, such as Apple Pay, Google Pay, or other NFC-enabled wearables like Apple watch, Garmin Pay, or Android watches.
The implementation of the new QIB SoftPOS solution instantly allows merchants to accept payments on their smartphone devices upon downloading the application. Its benefits include improved scalability by providing easy access to multiple users, and increased cost efficiency by eliminating the need to purchase new hardware and leveraging the smartphones already in circulation, making it a cheaper and simpler way for merchants to benefit from electronic payments.
Tarek Fawzi, QIB general manager, Wholesale Banking Group, said: “We are delighted to launch the QIB SoftPOS solution, empowering merchants with an innovative and cost-effective solution for their day-to-day business. The new solution will enable existing and new businesses to accept contactless payments in an easy way as customers are moving to digital channels faster than they have in the past. As Qatar is keen on establishing a cashless society by 2030, the new QIB SoftPOS solution will further contribute to achieving this vision.”
Mastercard has been rolling out its mobile acceptance solutions as an affordable and convenient addition to the payment ecosystem as part of its mission to promote financial inclusion and digital innovation among micro, small and medium-sized enterprises. The company works as a trusted partner of governments, banks and other financial organisations, fintech companies, and the wider business community to create opportunities for SMEs worldwide.
Erdem Çakar, country manager, Qatar, and Kuwait, Mastercard, said: “We are delighted to join forces with our partners at QIB as we mark the next era in innovation and access for merchants across Qatar. Omnichannel solutions like QIB SoftPOS allow businesses of all sizes to tap into the limitless potential of the digital economy. We will continue to partner with the public and private sector alike as we work towards our goal of connecting 50 million MSMEs globally to the digital economy by 2025.”
The bank continues to launch multiple first-to-market solutions in Qatar across its multiple channels and is the first Islamic bank to offer a POS solution and online payment gateway, an electronic payments system designed to serve customers’ business banking needs.
The new QIB SoftPOS app turns an Android smartphone into a Point-of-Sale terminal and enables secure acceptance of contactless payments on the device using embedded NFC functionality.
