The Qatar Central Bank, the apex banking body in the Middle Eastern country, has given its nod to mobile funds-transfer and payment services in Qatar.

In a Nov. 29 statement, the country’s central bank said it has for the first time approved two telecommunication companies, Qatar Telecom Ltd. and Vodafone Qatar, to offer mobile funds transfers and payment services in direct collaboration with banks and exchange houses it has licensed.

Consumers could use mobile payments to pay for services provided by public institutions, companies and other enterprises, with the understanding that the telcos are providing the option, the bank said. Additionally, the service also will enable consumers to transfer funds through their telco locally, as well as abroad, in accordance with the regulated limits.

PaymentsSource was unable to reach officials at the two telcos for comment.

What do you think about this? Send us your feedback. Click Here.

 

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry