Qatar’s payment system transactions total QR13.9bn in April: QCB

Qatar’s payment system transactions totalled QR13.9bn through 50.5mn transactions in April, according to the Qatar Central Bank.Majority (58%) of these were through points of sale (PoS), while e-commerce accounted for 26%, QCB data reveal.Instant payment system (Fawran) had a 15% share of the payment system transactions last month while Qatar Mobile Payment represented 1% of the total.PoS transactions totalled QR8.05bn through 40.11mn transactions while e-commerce transactions valued QR3.54bn through 8.95mn transactions in April.Fawran registered 1.3mn transactions totalling QR2.11bn in April. The total number of Fawran registered accounts is 3.03mn.The QCB introduced the National Network System for ATMs and Points of Sale (NAPS), which is the central payment system, in 1996 to facilitate the acceptance of cards transactions (debit cards and prepaid) on ATM, PoS and e-commerce terminals throughout the GCC region and Egypt.Additionally, the system accepts cards issued by the QCB, GCC and Egypt regulated banks.According to the QCB, NAPS is one of the first switches in the region to achieve full (EMV) compliance both as an acquirer and issuer.The system was upgraded in 2023 in line with the latest global standards in cards industry. It is a round-the-clock service, which supports card tokenisation and card-less payments. All banks in Qatar are members of the National Network System for ATMs and Points of Sale.Fawran is considered one of the innovative and advanced services, in line with the third strategy for the financial sector in the country and in continuation of the QCB's efforts to develop the infrastructure of payment systems and keep pace with the latest developments in payment systems and electronic transfer of funds.It is designed in accordance with a system based on the latest technologies and security standards, to maintain the security and confidentiality of the information created by the QCB to enable financial institutions to provide the service to their customers with complete reliability.One of the most prominent advantages provided by the instant payment service is enabling bank customers to send and receive money in the country immediately, and within moments. It will also be available round-the-clock without interruption.Earlier, the QCB noted that the launch of the Fawran is part of the projects it has undertaken to enhance the country's payment system.This initiative plays a significant role in strengthening the financial sector, providing diverse payment options for all segments of society, facilitating payment processes, and reducing reliance on cash, thereby lowering associated costs.