Qatar Islamic Bank (QIB) has signed an agreement with Qatar’s largest fintech company, QPAY International, to launch the first Islamic point of sale (PoS) solution in Qatar.
Under this agreement, QPAY, a Qatar-based company offering a wide portfolio of electronic payment solutions, will be setting up MasterCard and Visa PoS acquiring a network across Qatar to serve all QIB’s existing and new customers.
This will position QIB as the first Islamic bank to offer acquiring solutions to merchants by providing them with innovative, secure, and highly efficient payment processing services.
This collaboration will feature the launch of a wide array of payment processing services including point of sale (POS) credit/debit cards acceptance, mobile point of sale (mPoS), mobile payments, e-commerce, and online billing.
Both parties will help merchants set up the systems as well as train and encourage usage of PoS terminals deployed at their premises. QIB will promote the PoS acquiring business amongst its existing corporates including small and medium enterprises (SMEs) and prospective merchants.
“Being the first Islamic Bank in Qatar to launch PoS solutions sets a new benchmark for the industry and showcases QIB’s ongoing efforts to introduce innovative financial technology solutions,” said Tarek Fawzi, general manager, QIB’s Wholesale Banking Group.
He said, “We value the relationship with QPAY, which will deliver the added value services that our customers are expecting from the leading Islamic bank in Qatar.
On the partnership, Nebil Ben Aissa, CEO and founder, QPAY said, “We have been leading the Qatari fintech space as we are now servicing more than 12,500 SMEs. This strong partnership will provide the most innovative SME financial services platform in Qatar.”
He said, “This partnership will focus on the Qatari SME market as well as the local corporates, which will greatly benefit Qatar as our electronic payment offerings align perfectly with various Qatar Central Bank electronic payment initiatives and with the Qatar National Vision 2030 for a cashless society.”
QIB and QPAY executives at the agreement signing.
