Qatar Islamic Bank (QIB) has partnered with Mastercard to launch the new QIB SoftPOS app that turns an Android smartphone into a POS terminal for contactless payments. Through the QIB SoftPOS solution, powered by Mastercard, merchants’ Android smartphones can accept contactless transactions from all EMV contactless cards, and NFC-enabled phones with wallets such as Apple Pay, Google Pay, or other NFC-enabled wearables like Apple watch, Garmin Pay, or Android watches.

Facilitating merchants to take part in the digital economy The implementation of the new QIB SoftPOS solution instantly allows merchants to accept payments on their smartphone device upon downloading the application. Its benefits include improved scalability by providing easy access to multiple users, and increased cost efficiency by eliminating the need to purchase new hardware and leveraging the smartphones already in circulation, making it a cheaper and simpler way for merchants to benefit from electronic payments. Officials from QIB said they’re happy to launch the QIB SoftPOS solution, equipping merchants with an innovative and cost-effective solution for their day-to-day business.

The new solution will enable existing and new businesses to accept contactless payments in an easy way as customers are moving to digital channels faster than they have in the past. As Qatar is keen on establishing a cashless society by 2030, the new QIB SoftPOS solution will further contribute to achieve this vision. Inching towards a cashless society Mastercard has been rolling out its mobile acceptance solutions as an affordable and convenient addition to the payment ecosystem as part of its mission to promote financial inclusion and digital innovation among micro, small, and medium-sized enterprises.

The company works as a trusted partner of governments, banks, and other financial organisations, such as fintechs and the wider business community to create opportunities for SMEs worldwide. Commenting on this development, Mastercard’s representatives stated that they’re delighted to join forces with their partners at QIB as they mark the next era in innovation and access for merchants across Qatar. Omnichannel solutions like QIB SoftPOS allow businesses of all sizes to tap into the limitless potential of the digital economy.

Mastercard will continue to partner with the public and private sector alike as they work towards their goal of connecting 50 million MSMEs globally to the digital economy by 2025. .