QNB recognized for the highest growth in Visa Tap to Phone
QNB, the largest financial institution in the Middle East and Africa, was awarded for its exceptional milestone in enabling local SMEs and micro-merchants in Qatar to accept digital payments through Visa’s Tap to Phone solution.
The award presented by Visa, a world leader in digital payments, recognizes QNB’s efforts in recording the highest growth in Tap to Phone volume and transaction in Qatar for 2023, further reinforces QNB’s leadership in Qatar and the region in expanding digital payment acceptance network and fostering innovation in line with Qatar Central Bank’s vision for the payments industry.
QNB Tap to Phone is an innovative solution from Visa that allows merchants to use their existing android mobile devices to accept digital payments via Near Field Communication (NFC), with zero dependency on Point of Sale (PoS) hardware. It is a low cost, low maintenance and paperless solution for merchants to accept multi-form electronic payments including mobile wallets, contactless cards and wearables. QNB have been working closely with SMEs and Micro Merchants in this regard and the response has been extremely encouraging.
Commenting on this success, Mr. Adel Ali Al-Malki, Senior Executive Vice Present, QNB Group Retail Banking said: “We are pleased to be recognized by Visa for our industry-leading role in the digital economy, specifically in the digital payment acceptance. QNB is fully committed to further accelerate the digital payments journey and enable our merchant partners to migrate into the digital economy in a fast, seamless and cost-effective way for payment acceptance. We recognize that SMEs play a pivotal role in the economy and we are thankful to Visa for being a true strategic partner in our joint-quest to further digitize Qatar’s economy”.
Mr. Shashank Singh, Visa’s VP and General Manager for Qatar and Kuwait, said: "Visa is proud to recognize QNB's leadership in enabling more SMEs and micro-merchants in Qatar to accept digital payments. Our recent Value of Acceptance study revealed that 80% of merchants in Qatar have seen their revenues increase thanks to digital payments. QNB’s efforts are not only making more transactions more seamless and secure for consumers, but also helping local businesses grow and be competitive in the digital economy, a key priority of the Qatar government."
