The Future for Digital Payments in Qatar

The Future for Digital Payments in Qatar

The focus of the initial phase is a coordinated effort to support the growth of digital payments services in Qatar.. Although Qatar has to adopt specific digital payment services regulations, there is no shortage of institutional support and commercial activity.. In Q2, the Qatar Central Bank (QCB) officially launched its regulatory sandbox inviting and accepting firms seeking to safely live-trial their services in the digital payment services space.. Under the strict supervision of the QCB and the guidance of an expert panel, the QCB sandbox is the centre piece of intuitional efforts to promote innovation in digital payment services.. On the regulatory front, although the QCB has to adopt any explicit regulations as in the UAE, the Qatar Financial Centre has introduced a fintech licencing category for firms seeking to enter the QFC platform and provide B2B fintech services.. Paywise is perhaps the most exciting payment service provider in Qatar today.. Should its plans materialise, Paywise will revolutionise the payment services space by providing the fintech infrastructure between banks and fintech service providers.. Rather than being customer facing, Paywise seeks to simplify the process of payment clearing between merchants and banks.. Beyond the above 3 startups, the environment in Qatar