Latest news with #Fawran
Zawya
3 days ago
- Business
- Zawya
Qatar Central Bank issues clarification on ATM withdrawal, POS issues
Doha, Qatar - Qatar Central Bank (QCB) announced that a technical issue was detected in the National ATM and Point of Sale (POS) network, (NAPS), which temporarily affected ATM withdrawals and POS transactions using debit cards when used on devices not affiliated with the card-issuing bank. QCB's said that its specialised technical teams promptly took all necessary measures to resolve the issue and that the services have now resumed following a two-hour disruption. It affirmed that all other services such as credit cards and the Fawran service were not affected by this issue, as they are considered alternative payment solutions. QCB emphasised that these actions reflect its ongoing commitment to ensuring the continuity and efficiency of banking services in Qatar, in a manner that meets customer needs and ensures the quality of financial operations without interruption. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
26-06-2025
- Business
- Zawya
Qatar's QCB records 54.02mn payment system transactions valued at $4.19bln in May
Qatar recorded as many as 54.02mn transactions valued at QR15.28bn through the country's payment system in May 2025 with point-of-sales constituting a vast majority, according to QCB data. Qatar recorded as many as 54.02mn transactions valued at QR15.28bn through the country's payment system in May 2025 with point-of-sales constituting a vast majority, according to Qatar Central Bank (QCB) data. The point-of-sales constituted 56% of the payment system transaction, followed by e-commerce 26%, Fawran or instant payment system 17% and Qatar Mobile Payment at 1% in the review period, the QCB said in its social medial handle X. There were 42.74mn card transactions through point-of-sales, which enables merchants to process payments and log transactions, valued at QR8.55bn in the review period. The 0.45mn e-commerce transaction were valued at QR3.97bn in the review period. The point-of-sales and e-commerce together constituted QR12.52bn in May 2025. Fawran – a real-time payment service in Qatar, allowing users to send and receive money instantly and securely within the country – registered as many as 1.65mn transactions valued at QR2.59bn in the review period. There have been a total of 3.1mn total registered Fawran accounts. Fawran was launched in 2024 and system members are QNB, Commercial Bank, Qatar Islamic Bank, Ahli Bank, Dukhan Bank, Doha Bank, QIIB and AlRayan Bank. Qatar Mobile Payment (QMP) – which allows immediate transfer of funds between registered customers through any registered payment service providers – saw as many as 189,000 transactions valued at QR181.97mn in May 2025. There has been a total of 1.34mn registered wallets. The QMP is a centralised payment system that was launched in 2020, to enable individuals and corporates to perform instant fund transfers between e-wallets within payment service providers in Qatar. The system members are QNB, Commercial Bank, Doha Bank, Qatar Islamic Bank, Ahli Bank, QIIB, Arab Bank, HSBC Qatar, AlRayan Bank, Dukhan Bank, i-pay and Ooredoo Money. Qatar Payment System (QPS) is designed on the concept of real-time gross settlement (RTGS) and electronic straight through processing (e-STP). QPS is based on the SWIFT network and messages standards and utilises the SWIFT messages to reconcile and settle the local payments and securities ownership transfers. QPS is linked to the QCB clearing system, book-entry government securities system, and currency issuing application. All applications are driven by swift messages such as (MT202, MT203). Qatar's retail payment system comprise electronic cheque clearing system; national network system for ATMS and Points of Sales (NAPS); QMP; direct deposit and debit (QATCH); electronic payment gateway (QPay); wage protection system (WPS); and Fawran. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Zawya
27-05-2025
- Business
- Zawya
Qatar's payment system transactions total $3.81bln in April: QCB
Qatar's payment system transactions totalled QR13.9bn through 50.5mn transactions in April, according to the Qatar Central Bank. Majority (58%) of these were through points of sale (PoS), while e-commerce accounted for 26%, QCB data reveal. Instant payment system (Fawran) had a 15% share of the payment system transactions last month while Qatar Mobile Payment represented 1% of the total. PoS transactions totalled QR8.05bn through 40.11mn transactions while e-commerce transactions valued QR3.54bn through 8.95mn transactions in April. Fawran registered 1.3mn transactions totalling QR2.11bn in April. The total number of Fawran registered accounts is 3.03mn. The QCB introduced the National Network System for ATMs and Points of Sale (NAPS), which is the central payment system, in 1996 to facilitate the acceptance of cards transactions (debit cards and prepaid) on ATM, PoS and e-commerce terminals throughout the GCC region and Egypt. Additionally, the system accepts cards issued by the QCB, GCC and Egypt regulated banks. According to the QCB, NAPS is one of the first switches in the region to achieve full (EMV) compliance both as an acquirer and issuer. The system was upgraded in 2023 in line with the latest global standards in cards industry. It is a round-the-clock service, which supports card tokenisation and card-less payments. All banks in Qatar are members of the National Network System for ATMs and Points of Sale. Fawran is considered one of the innovative and advanced services, in line with the third strategy for the financial sector in the country and in continuation of the QCB's efforts to develop the infrastructure of payment systems and keep pace with the latest developments in payment systems and electronic transfer of funds. It is designed in accordance with a system based on the latest technologies and security standards, to maintain the security and confidentiality of the information created by the QCB to enable financial institutions to provide the service to their customers with complete reliability. One of the most prominent advantages provided by the instant payment service is enabling bank customers to send and receive money in the country immediately, and within moments. It will also be available round-the-clock without interruption. Earlier, the QCB noted that the launch of the Fawran is part of the projects it has undertaken to enhance the country's payment system. This initiative plays a significant role in strengthening the financial sector, providing diverse payment options for all segments of society, facilitating payment processes, and reducing reliance on cash, thereby lowering associated costs. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Zawya
26-05-2025
- Business
- Zawya
Qatar: POS and e-commerce transactions hit $3.18bln in April
Doha, Qatar: The total value of transactions registered in Qatar through point of sale (PoS) terminals and e-commerce platforms reached QR11.59bn in April 2025, according to the latest card payment statistics. In a post on its X platform recently, Qatar Central Bank (QCB) revealed that the value of e-commerce transactions amounted to QR3.54bn, with a total volume of 8.95 million transactions. Meanwhile, point of sale transactions recorded a total value of approximately QR8.05bn, with a transaction volume of 40.11 million. The point of sale solution provides innovative, secure, and highly efficient payment processing services as it supports contactless card transactions, e-wallet, mobile PoS (mPoS), QR code scanner, and online billing and settlement. The e-commerce market in Qatar is showing healthy growth. Over the coming years, the country's e-commerce industry is poised for substantial growth with forecasts predicting a compound annual growth rate (CAGR) of 9.40 percent by 2028. According to Instant Transfer System Statistics for April 2025, the instant payment system – Fawran service had 3.03 million total registered accounts with the total value of QR2.11bn and total volume of 1.30 million transactions. The statistics also noted that in April this year the Qatar Mobile Payments registered a total of 1.31 million wallets. The total value amounted to QR166.08m with the volume of around 174,000 transactions. In the same context, Qatar Central Bank stated that the total value of transactions across various payment systems reached QR13.86bn during April this year with a total volume of 50.54 million transactions. It also highlighted the share of each payment channel including point of sale transactions which accounted for 58 percent, e-commerce for 26 percent, mobile payment systems accounted for 1 percent, and the 'Fawran' instant payment service for 15 percent. Fawran is an innovative and advanced service aligned with the Third Financial Sector Strategic Plan. This service comes as part of QCB's ongoing efforts to develop the payment systems infrastructure and keep pace with the latest developments in the field of electronic payment systems and money transfer. QCB's innovative instant payment service 'Fawran' aims to develop a digital payment ecosystem in the country. The system has proven its efficiency in facilitating and improving payment processes by reducing the time required to transfer money between individuals and companies in Qatar. The service significantly benefits customers across the country and enables the beneficiaries to receive funds within seconds. It operates 24/7 and can be used through mobile banking applications and digital channels. It reflects QCB's commitment to provide the best services to customers of banks and financial institutions in the country, meeting their growing needs in line with the increasing demand for financial technology services. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Qatar Tribune
04-05-2025
- Business
- Qatar Tribune
QNB wins MEED award for excellence in digital banking
Tribune News Network Doha QNB Group, has won the prestigious award of 'Best Multi-Channel Offering' at the MEED's MENA Banking Excellence Awards 2025, in recognition of its outstanding achievements to create a seamless, omni-channel digital banking customer experience in the Middle East and North Africa region, and beyond. The award in this esteemed category underscores QNB's pursuit of excellence and commitment to delivering a customer-centric and innovative digital banking experience through QNB Mobile and Internet Banking, Self-Service Machines, and Contactless Payments. The reward also recognizes the extensive product marketing and new pioneering services launched recently such as Digital Account Opening, Multi-currency Travel Card and Fawran, ensuring customers receive convenience, accessibility, and excellence at every touchpoint. Commenting on the new recognition, QNB Group Retail Banking Senior Executive Vice President Adel Ali Al Malki said, 'We are honoured to receive the 'Best Multi-Channel Offering' award for our omni-channel digital banking portfolio, which serves as a testament to QNB's unwavering commitment to innovation and digital banking excellence in Qatar and globally. This recent recognition reinforces QNB's position as a leading financial institution in the Middle East and North Africa region, continuously striving to deliver outstanding, customer-centric digital banking solutions to exceed customers' expectations.' QNB Group's efforts to provide seamless digital banking experience were recognised recently with several international awards including: 'Best Digital Experience' in Qatar, 'Best Retail Bank for Digital Customer Experience' in Qatar and the Middle East, 'Best Mobile App' in Qatar, 'Excellence in Product Marketing', 'Excellence in Omni-channel Integration', and 'Best Digital Wallet' in the Middle East and North Africa. QNB Group is one of the leading financial institutions in the MEA region and among the most valuable banking brands in the regional market.
