Qatar Central Bank (QCB) launched a "Request to Pay" option through Fawran instant payment service that was launched in March 2024. Request to Pay allows customers to send a payment request from the payee to the payer. The payer will then receive the request, including the payee's name, the required amount to be transferred and the option to accept or reject the request. In case of acceptance, the required amount will be transferred instantly to the payee's account. The participating banks are Doha Bank, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan and Qatar International Islamic Bank. https://x.com/QCBQATAR/status/1818149749276450924
The Qatar Financial Centre Regulatory Authority (QFCRA) announced that virtual asset services may not be conducted in or from the Qatar Financial Centre (QFC).
The Qatar Central Bank (QCB) has completed the development of the infrastructure for its wholesale central bank digital currency (CBDC) project. In the next phase which will extend to October 2024, the central bank will test and develop selected applications of distributed ledger technology (DLT) based wholesale CBDC to settle large payments with a group of local and international banks in a trial environment. The project will focus on applications that increase access to capital markets for operating banks in the country, enhance domestic settlement, and improve the efficiency of securities transactions.
The Qatar Central Bank (QCB) published its guidelines for the oversight of distributed ledger technology applications or systems provision and usage by QCB-regulated entities to ensure that their usage is safe, secure and efficient.
Qatar's central bank launched the Qatar Mobile Payment System, which "aims to enable the user to use the electronic wallet on his or her mobile phone to carry out electronic payments from one person to another and pay the purchase price in addition to conducting withdrawals and cash feeds for electronic wallets in an instant, round the clock (24 hours a day), seven days a week, as well the system enables the opening of electronic wallets for all users alike, which contributes to enhancing financial inclusion in the State."
[March 7, 2024] Qatar Central Bank (QCB) launched its instant 24/7 payment service 'FAWRAN', in continuation of QCB's efforts to develop the infrastructure of payment systems and keep pace with the latest developments in the field of payment systems and electronic transfer of funds. FAWRAN also facilitates financial and commercial transactions between the bank accounts of individuals and companies. FAWRAN will enable the sender to verify the name of the beneficiary (addressee) before completing the transfer process, and ease of use through the banks' mobile phone applications, in addition to the use of alternative identifiers that are easier to identify the beneficiary such as (mobile phone number, alias) instead of the international account number (IBAN).
The Head of the FinTech Section at the Qatar Central Bank (QCB) reportedly confirmed that the central bank is considering CBDC issuance. More generally, Alanood Abdullah Al Muftah said the central bank will soon set a direction on its overall fintech focus, particularly on different fintech verticals, including digital banking.
India's National Payments Corporation of India (NPCI) has extended access to the Unified Payments Interface (UPI) to non-resident Indians from 10 countries (Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, Singapore, United Arab Emirates, United Kingdom, and the United States). Indians living abroad comprise the world's largest overseas remittance-sending diaspora. Other countries like Nepal, Bhutan, and Singapore, have already signed deals with NPCI to integrate their payment networks with UPI, enabling seamless cross-border payments. https://www.npci.org.in/PDF/npci/upi/circular/2023/UPI-OC-161-Extension-to-UPI-Circular-No-60-Crediting-Debiting-Non-Resident-accounts-in-UPI.pdf
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