Market Share of Qatar Payments Industry
The Qatar payments market is highly fragmented, with major players like Commercial Bank of Qatar, Qatar National Bank, Doha Bank, PayPal Holdings, Inc, and CashU. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their service offerings and gain sustainable competitive advantage.
In January 2023, QNB Group, a Qatar-based financial services provider, launched a new biometric payments acceptance solution for its merchants nationwide. PopID developed the solution using QNB's acceptance network, utilizing its unique facial verification technology. Visa's tokenization products also enable the face payments system. It enables customers to use face recognition to authenticate payments for transactions. Once the preliminary enrollment is completed, the solution does not require a physical card or a mobile phone.
In November 2022, Ooredoo Money, a pioneer in innovative mobile financial solutions, announced a strategic partnership with Mastercard to enable users to make simple, quick, and secure remittance payments. Ooredoo would be one of Qatar's first mobile network providers to launch Mastercard's Cross-Border Services, offering Ooredoo Money users more options as they transfer money in real-time directly to bank accounts and mobile wallets globally.
Qatar Payment Market Leaders
Commercial Bank Of Qatar
Qatar National Bank
Doha Bank
PayPal Holdings Inc.
CashU
*Disclaimer: Major Players sorted in no particular order
