Small and medium-sized enterprises (SMEs) adapting to digital financial services in Qatar are driving a structural shift in the local payment ecosystem through the adoption of hardware-less acceptance platforms, according to a senior fintech executive.
Mohamed al-Delaimi, managing partner of SkipCash, told Gulf Times that small businesses account for 60% of the company’s client base. He noted that traditional commercial banks usually focus their financial products on well-established enterprises and large retail groups, leaving a gap for smaller merchants.
“Our role is to focus on those SMEs to bring this kind of ecosystem and inclusion, to bridge the gap as well,” al-Delaimi said.
He explained the need to increase inclusion for SMEs within Qatar’s economic framework, noting that these businesses play a vital role in driving economic growth. SMEs contribute significantly to job creation, innovation, and competition in the market, al-Delaimi pointed out.
“By ensuring that they have access to resources, support, and opportunities, we can foster a more dynamic and resilient economy. We must actively work to integrate these businesses into our economic strategies and policies, making sure they are not marginalised, but rather recognised as key players in our overall economic development,” he emphasised.
To accelerate merchant onboarding, al-Delaimi explained that payment providers are packaging technical and commercial solutions designed to remove operational barriers. He said the key to this strategy is the deployment of hardware-less payment software, which enables merchants to process digital transactions without buying expensive Point of Sale (POS) terminals or completing complex technical setups.
According to al-Delaimi, merchants can go live and begin taking payments within 24 hours under this system, noting that recent advancements introduced by technology partners such as SkipCash significantly facilitate the rapid adoption of innovative solutions among SMEs.
“These improvements streamline processes, enhance efficiency, and provide SMEs with the tools necessary to remain competitive in an evolving market landscape. By leveraging such technology, these businesses can easily integrate new systems that optimise their operations and drive growth,” he stressed.
He said the rapid transition among small businesses comes alongside wider market changes in Qatar’s transaction environment. He explained that when SkipCash began operations in 2019, cash accounted for 50% to 60% of all market transactions. “According to figures released by the Qatar Central Bank, we are currently seeing around QR6bn worth of digital transactions happening every month,” he said.
SkipCash currently processes around QR200mn in monthly digital transactions, noted al-Delaimi, who attributed this volume growth to shifting customer preferences and growing trust in contactless technologies, payment links, and digital wallets.
“We are witnessing adoption from both business owners and customers. Customers are increasingly embracing new technologies, such as contactless cards and payment links sent via SMS or social media. Additionally, there is a growing use of digital wallets like Apple Pay, Google Pay, and Samsung Pay,” al-Delaimi said.
He added: “Currently, this technology is gaining popularity due to increased trust and advancements in securing transactions. These improvements will help facilitate greater use of the technology and boost confidence in its ability to provide convenience.”