File image used for representation only
The popularity of contactless payments, which gained momentum during COVID-19 outbreak, is expected to increase further, according a senior Visa official. He added that Qatar will continue to play an important role in the region’s position as a fintech and digital commerce leader.
“Looking ahead at 2022 and beyond we expect to see continued growth in contactless payments for in-store transactions. We expect the demand for more contactless payments such as mobile point-of-sale (POS), biometrics and Face Pay to gain momentum in 2022,” Dr. Sudheer Nair (pictured), Visa’s Country Manager for Qatar told The Peninsula.
Adapting to the customers’ inclination towards contactless payments, businesses have made changes to their payment infrastructure.
Nair said that during this dramatic shift in consumers’ payment habits, small businesses, already hardest hit by the economic downturn had to make significant changes to meet consumer demands if they were to survive. This included expanding their eCommerce presence and accepting new forms of in-store contactless payments.
“We are seeing consumers in Qatar gravitate towards using contactless and low-touch payment methods. The pandemic has only given consumers more than one compelling reason to adopt contactless payments as almost all sectors, from healthcare to finance to education and retail, have had to shift to a digital-first mindset as consumers put COVID-19 safety measures at the top of their agenda,” said Nair.
With 75 percent smartphone penetration and 98 percent mobile internet penetration, it is really no surprise that digital commerce is seeing strong growth in Qatar, he added.
“We will continue to ensure that merchants, small and large, are well equipped to do their best during this time and meet the expectations of local and global consumers for frictionless and secure payments,” he added.
“In this way, they will contribute not only to the economy of Qatar but of the entire GCC, and we at Visa can help support the government’s agenda for a strong digital payments’ infrastructure,” he said.
Visa has also taken a series of initiatives to empower fintechs in Qatar.
“As a trusted engine of commerce, Visa strives to work with just about every part of the payments’ ecosystem, including fintechs in Qatar,” he said.
“Empowering fintechs and enabling them to easily collaborate with banks or working alongside its bank partners to drive adoption of digital payments, all fit within the realm of Visa’s network of networks strategy to bring innovation, trust, reliability and standards to the broader payments’ ecosystem,” he added.
To support fintech startups, Visa recently rolled-out our Visa Everywhere Initiative (VEI) 2022 in Qatar which invites fintech and payment startups to showcase their payment solutions on a global stage and win $45,000 in prize money. The finals of VEI 2022 will also be held in Qatar this November 2022 where up to $170,000 in total prize money will be awarded.
“This all aligns with the efforts of the government which is investing to attract startups and fintechs and provide a conducive environment for businesses to set up in the Qatar Financial Centre. These companies are working on emerging fields such as blockchain, AI and building products for small and micro businesses that will help revolutionize the countries payment landscape,” Nair added.
He said, Buy Now Pay Later is also becoming hugely popular with consumers globally is among the trends Qatar needs to embrace. Visa is working with many of its merchant partners in the GCC to enable them to offer instalment payment options at the point of sale.
