The Qatar Central Bank released specifications for a national QR code system, a project designed to increase financial inclusion and reduce the use of banknotes in the country.
Its platform, named the Qatar Mobile Payment System, will be used for all common domestic forms of mobile payments including peer-to-peer transfer, retail payments, public transport ticketing and withdrawals from mobile wallets.
Creation of the platform forms part of the wide-reaching Qatar National Vision 2030 project, which outlines a number of initiatives designed to shape the long-term future of the country. These cover societal, environmental and economic goals.
Announcing the availability of the QR code system, Qatar Central Bank governor Sheikh Abdullah bin Saoud Al-Thani said it had been designed to follow international best practices, and was created with cooperation from telecommunications operators, the financial services sector and public institutions.
Qatar is the latest of a number or countries to adopt a national QR code system, which ensures interoperability between providers and is designed to boost the appeal of mobile payment services to both retailers and consumers.
Similar systems are already available in countries including Malaysia, Singapore and Brazil, with Saudi Arabia working on its national platform.Subscribe to our daily newsletter Back