The Qatar Central Bank (QCB) on Tuesday, September 13, 2022, announced the launch of a project to develop infrastructure for payment and settled systems. The objective is to provide 24-hour payment and instant transfer services.
QCB aims to provide an advanced payment and financial transfer system in line with the development of this sector. It will develop a system that allows interoperability between payments and transfers, whether between a bank account or a digital wallet.
Development of the system will achieve higher rates of financial inclusion.
New services include:
1. Instant transfers between accounts
2. A unified address service for making payments by phone, personal number or account number
3. Electronic bill payment service
4. Authorization and direct debit management services
5. Provides a scalable future payment system that can support Qatar's population growth and increase the number of transactions for the next 10 years
6. Provides 24-hour payment services and instant transfers
7. The potential for interoperability to provide a system that allows interoperability between payments, whether between a bank account or a digital wallet
8. Provide a control system that allows the Qatar Central Bank to monitor all transactions and maintain confidentiality of information
9. Ease of integration as it supports open applications to serve fintech companies and financial institutions
10. Integrates most payment systems into a single system at the Qatar Central Bank
