MoCI has mandated all commercial outlets to provide electronic payment option to customers

All business establishments are required by the Ministry of Commerce and Industry (MoCI) to offer their patrons the opportunity to pay using electronic funds transfers at no extra cost. According to a senior official, businesses that do not offer consumers electronic payment services may be temporarily closed.  “The electronic payment services aim to facilitate consumers without taking any extra charges from them,” said Head of the Inspection Section at the Commercial Registration and Licensing Department of MoCI, Saif Al Athba.

All commercial establishments are required to provide their clients one of three electronic payment options: bank card, bank payment wallet, or QR code, in accordance with the theory of "less cash, more safety." It is in accordance with the Minister of Commerce and Industry's decision No. 70 of 2022, which amends some provisions of the decision No. 161 of 2017 about the general and specific conditions that apply to commercial, industrial, and general outlets, as well as those falling under its jurisdiction. 

Among other laborious procedures, dealing in cash necessitates bringing cash to banks and making bank withdrawals. The possibility of cash burglary and counterfeit money is also decreased by electronic payments. All businesses that accept bank card payments have previously received a circular from MoCI requesting them to refrain from charging extra for card usage. 

Digital payments come in a variety of forms and formats. Using bank prepaid cards, digital payment apps, mobile wallets, internet banking, universal payments interface, unstructured supplementary service data (USSD), and debit/credit cards are a few of these. The relevant authorities have stepped up their efforts to give the nation a fully functional infrastructure for electronic payment systems. In order to offer a cutting-edge payment and financial transfer system that keeps up with the advancements in this industry, the Qatar Central Bank (QCB) builds the infrastructure for payment and settlement systems. 

In keeping with the third strategy for the financial sector, QCB officially launched its instant payment service, FAWRAN, last month. This innovative and cutting-edge service is part of the bank's ongoing efforts to expand its payment system infrastructure and stay up to date with the most recent advancements in electronic fund transfers and payment systems. 

The name "FAWRAN" represents QCB's commitment to offering the greatest services possible to the nation's bank and financial institution clients and to developing alongside them in step with the demand for financial technology services. In keeping with the nation's economy's rapid development, FAWRAN also makes financial and business transactions between the bank accounts of individuals and businesses easier. 

Along with launching the Himyan Debit Card (Himyan), QCB is also working to enhance the nation's digital payments infrastructure in accordance with the Third Financial Sector Strategy. The introduction improves the quality of e-payment options for local bank customers and adds to the array of options available in Qatar. It also advances the nation's drive toward financial inclusion and the shift toward a cashless society.