QCB aims to set up state of the art e-payment system before World Cup
Gulf Times
The demand for electronic payments is expected to increase "substantially" during FIFA World Cup 2022, necessitating Doha to transform the retail payment infrastructure, according to the Qatar Central Bank (QCB).
The QCB also found that the share of ATM and cheque transactions to the total transactions processed by it has seen a "sharp" decline year-on-year and that it’s clearing and settlement system had comparatively less liquidity stress last year, the banking regulator said in its 2020 annual report, which was released on Thursday.
Highlighting that it has initiated a project for transforming the retail payment infrastructure to cope with the increasing demand; the QCB said it aims at building a world-class system that facilitates a safe, secure and efficient payment ecosystem in Qatar.
The payment systems that handle the retail transactions among the banks within Qatar include ECCS or electronic cheque clearing system; QATCH that facilitates settlement of bulk direct credit and direct debit transactions; NAPS (national ATM and point of sale switch), the electronic payment gateway used for switching and settling of all local and the Gulf interbank debit card transactions as well as the mobile payment system.
