Qatar ‘multiple wallets’ announcement demonstrates focus on strengthening mobile payment sector

The new feature will allow users to open two digital wallets with different payment service providers using the same mobile number; receive all incoming transfers in a single account; and manage their accounts by changing the default wallet associated with them.

Sarah Khasawneh of Pinsent Masons said: “This initiative is set to enhance the user experience, foster competition, and support financial inclusion in Qatar.”

The ability to manage multiple wallets under a single mobile number will help reduce costs linked to transaction fees and other operational costs by providing a more efficient payment processing system. The new feature also offers direct access to advanced mobile payment capabilities, aiming to enhance efficiency and reliability of payment transactions.

The announcement aligns with the QCB’s Third Financial Sector Strategy and aims to bolster financial inclusion and foster competition and innovation in the mobile payment landscape. It comes at the same time as the announcement of the QCB’s direct integration service, which will allow fintech companies to process card payments through the National Network System for ATMs and Point of Sale (NAPS) and the e-commerce Payment Gateway (QPay).

This development was described as “another important step” for the fintech sector by Khasawneh, with the QCB set to continue its efforts to support the industry in a bid to promote innovation and efficiency.