Qatar’s financial and payments ecosystem has undergone significant transformation, driven by the government’s Qatar National Vision 2030, which aims to establish the country as a knowledge-based economy. Visa’s Vice President & General Manager for Kuwait and Qatar, Shashank Singh, highlighted the company’s longstanding partnership with Qatar, working closely with the government, banks, fintechs, and businesses to foster digital economic growth.
Singh emphasized that Visa’s presence in Qatar has grown, especially following the FIFA World Cup, where Visa – as the exclusive payments partner – used the event to introduce new payment innovations. He also noted the role of the Qatar Central Bank (QCB) in developing the country’s financial ecosystem, including its collaboration with Qatar Development Bank to launch the Qatar FinTech Hub. These efforts have helped establish a regulatory framework that supports both financial and digital payments, creating a robust infrastructure for emerging technologies and startups.
Visa has also launched ‘Click to Pay’ in Qatar, a biometric-enhanced solution that simplifies online payments by eliminating the need for passwords, codes, or long forms. This innovation, introduced in collaboration with QNB and Dibsy, strengthens both security and user experience by using biometric authentication. With this solution, consumers can make secure payments without entering account details or passwords, providing businesses with a faster and more convenient checkout process.
In addition to these innovations, Singh highlighted the significant investments in local infrastructure by Qatar-based banks and financial institutions, which support both B2B and B2C digital payment experiences. QCB’s recent introduction of blockchain regulations has enabled Visa to launch Visa B2B Connect in collaboration with a fintech company in Qatar. This platform leverages distributed ledger technology to improve money movement for corporate businesses.
Visa’s efforts are aligned with Qatar’s ambitions for a resilient and inclusive digital economy. Singh mentioned that eCommerce transactions on the Visa network in Qatar have increased by 200% over the past four years, with 86% of local merchants reporting significant business growth due to digital payment adoption. Visa has also launched programs like the Visa Everywhere Initiative in Qatar to support the growth of the fintech sector, providing access to global networks and technology.
Visa’s initiatives not only promote digital payment adoption but also support the country’s tourism sector by enhancing the payment experience for both inbound and outbound travelers. Singh also mentioned Visa’s collaborations with local businesses to improve the digital experience for visitors and Qatari travelers, such as with Qatar Airways and QNB’s multicurrency Visa card for international travel.
With continued investment and innovation, Visa expects Qatar’s digital economy to thrive, further integrating digital payments into the daily lives of consumers and businesses.
