QIB partners with Mastercard; launches its latest smart payment solution - SoftPOS app

Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has partnered with Mastercard, a technology leader in the global payment industry, to launch its latest smart payment solution for merchants. The new QIB SoftPOS app turns an Android Smartphone into a Point-of-Sale terminal and enables secure acceptance of contactless payments on the device using embedded Near-Field Communication (NFC) functionality.

Through the QIB SoftPOS solution, powered by Mastercard, merchants’ Android smartphones can accept contactless transactions from all EMV contactless cards, and NFC-enabled phones with wallets such as Apple Pay, Google Pay, or other NFC-enabled wearables like Apple watch, Garmin Pay or Android watches.

The implementation of the new QIB SoftPOS solution instantly allows merchants to accept payments on their smartphone device upon downloading the application. Its benefits include improved scalability by providing easy access to multiple users, and increased cost efficiency by eliminating the need to purchase new hardware and leveraging the smartphones already in circulation, making it a cheaper and simpler way for merchants to benefit from electronic payments.

Mastercard has been rolling out its mobile acceptance solutions as an affordable and convenient addition to the payment ecosystem as part of its mission to promote financial inclusion and digital innovation among micro, small and medium-sized enterprises. 

The company works as a trusted partner of governments, banks and other financial organizations, fintech companies and the wider business community to create opportunities for SMEs worldwide.

As the leading digital bank in Qatar constantly acknowledged for the excellence of its offering, QIB is always at the forefront of digital innovation, introducing top-of-the-line products and features that help elevate the bank’s customer experience. 

The bank continues to launch multiple first-to-market solutions in Qatar across its multiple channels and is the first Islamic Bank to offer a Point of Sale (POS) solution and online payment gateway, an electronic payments system designed to serve customers’ business banking needs.