Qatar Islamic Bank (QIB) has launched Samsung Wallet, a secure mobile payment service for debit, credit, and prepaid cardholders owning Samsung devices. Samsung Wallet is a mobile payment platform that supports the shift towards digital wallets and provides a secure e-payments avenue around the world.

Samsung Wallet works at any store in Qatar and abroad accepting contactless payments. Customers can also pay in their apps and online by simply Samsung Wallet at checkout without the need to enter the credit card details every time. Enrolment to the Samsung wallet is instant and requires a few simple steps.

Customers also need to turn on the NFC functionality on their phone or Samsung watch to enable contactless payments. They can add up to ten payment cards including credit, prepaid, and debit cards to their Samsung Wallet. As the full card number is not stored on the mobile device, paying with the Samsung Wallet is a secure mode of payment.

Samsung Wallet is the latest addition to the host of QIB’s mobile payment solutions and a step towards the evolution of payment options, contributing to Qatar’s efforts to achieve a cashless society, and offering customers more convenience when shopping or dining. Qatar Islamic Bank’s mobile payments In August 2022, QIB has introduced Google Pay to debit, credit, and prepaid cardholders who can start using their Android and WearOS devices to tap and pay on the go. Google Pay is a digital wallet and payment platform from Google that enables customers to pay for transactions with their QIB cards using their Android and WearOS devices in-stores and online, where contactless payments are accepted.

In December 2021, QIB has introduced a Dhareeba payment service, allowing customers to settle their companies’ tax invoices directly from the QIB mobile app. This feature helps customers settle their tax invoices in a matter of minutes and automatically calculates and processes different types of taxes, as well as assists taxpayers in managing their quota as per the Qatari tax laws. Clients can benefit from the service 24/7 and will receive real-time feedback to eliminate any potential errors.

Earlier that year, QIB was announcing the launch of a video banking service through its QIB Mobile App. Qatar’s move to a cashless society Expanding Qatar’s range of financial services has been a priority in recent years, enshrined in Qatar National Vision 2030, as well as other government strategies. The Qatar Central Bank (QCB) views fintech as critical to the sector’s long-term development, and an opportunity to increase access to finance for small and medium-sized enterprises (SMEs) in the GCC.

Individual banks, both conventional and Islamic, are also working to boost access to finance. For example, Qatar Islamic Bank (QIB), the Middle East’s largest sharia-compliant lender by assets, has introduced automated credit applications that have cut the processing time of SMEs’ applications by 80%, and the time to disbursement by 50%. While the pandemic has accelerated the digitalisation trend in Qatar’s banking sector, spurring investment in automation software, cloud-based, and contactless technology, there is room for growth.

Indeed, Qatar’s ICT spending is forecast to reach USD 9 billion by 2024, expanding at a CAGR of 9. 2% and highlighting the scope for continued advancement. .