Consumer confidence in online transactions is further increasing as more currency exchange houses in Qatar are enhancing their digital operations, an industry expert has said.
“Online transactions have been improving and I do not see it slowing down, considering that many customers benefited from the digital operations of exchange houses and the creation of mobile apps to address customers’ needs, especially at the height of the pandemic.
“Digitalisation has made it much easier for many people in terms of sending remittances for example; now, customers do not have to leave the comforts of their homes to send money. The direction now is going towards digitalisation, which is why on the technology front exchange houses are enhancing and improving the facilitation of online operations,” Trust Exchange general manager KNS Das told Gulf Times.
Das also explained that with the constant advancements in technology, more people will be sending money from home “without hesitation,” as well as when registering their personal details as part of the KYC (know your customer), a mandatory process among financial institutions and non-banking finance companies when verifying and identifying a client’s genuine identity.
“We are all trying to implement the eKYC (identity that is verified electronically), which means a customer can accomplish the registration and upload the necessary photo, ID, and other personal details remotely. This is being implemented in phases and once completed, it would be easier to send money from home,” Das pointed out.
Taking a cue from Qatar Central Bank (QCB), Das said financial institutions are beefing up their digitalisation processes in order to conduct safe and secure online transactions.
“Everyone in the industry wants to further improve the volume and the number of transactions through their digital platforms to reduce cash collections; with less cash, online transactions provide more clarity,” Das said.
As the country celebrates Eid al-Adha, Das said remittance flow “has been improving” since Ramadan.
“The market is gradually improving and we are now seeing good moments for remittances; as these developments continue, we expect remittance activities to return to pre-pandemic levels,” Das added.
At the height of the pandemic last year, many countries worldwide initiated lockdowns to curb the spread of Covid-19. This prompted exchange houses to reinforce and develop their digital platforms and to create mobile apps to cater to customers in lockdown.
Al Zaman Exchange finance manager Santhosh Kesavan earlier told Gulf Times that the company addressed these challenges by focusing on its online platforms, which, he noted, played a significant role during the lockdown.
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