Banks in Qatar Investing Heavily to Ensure Safe Online Banking

Banks in Qatar are at the forefront in deploying new and cutting-edge technology to ensure safe online banking with the rapid advancement in technological innovation. They are investing heavily on new technology and constantly creating and launching innovative products and online solutions integrating the lifestyle and evolving needs of their valued customers. With high Internet penetration and adaptability for new technology, banks are investing to digitize their products and services. The coronavirus pandemic, which restricted the movement of people, has further accelerated the process. The number of online transactions and digital payment volumes has been growing increasingly.   

As most of the traditional banking services such as cash withdrawals, deposits and fund transfers are being done online, banks in Qatar are adding value to digital payment and other services like online remittance services, and launching new products keeping in view the changing requirements of their customers.

Credit card products have revolutionized the online payment system all over the world, including Qatar. It has become of one of the most popular services and revenue streams of banks. Credit cards and debit cards both offer a convenient way to pay for things. A credit card gives you access to a revolving line of credit, while a debit card draws from your account balance. Credit cards are a convenient alternative to cash for making transactions both online and offline.  There are two big advantages with credit cards. First, you can continue to make purchases through them, even if you do not have adequate funds in your bank account. Provided you keep paying your credit card bill in full and by the due date, your credit card transactions come at zero extra cost.

The second advantage is the benefits credit cards offer in the form of rewards, cashbacks, to name a few. Apart from offering the ease of use, it is essential to have a credit card for the following reasons: It helps in building a good credit score, it offers hassle-free transactions both online and offline, it comes handy in emergency financial situations and it helps in making big ticket purchases and pay later in easy EMIs.

Earlier this month, Qatar National Bank (QNB) launched a market first with the introduction of 0% interest rate credit card. New QNB credit card customers will be able to enjoy interest free rates applied to their outstanding balance for up to 12 months on all their purchases.

Customers can purchase any items globally, both online and in-store with minimum monthly repayment option without the need to pay interest on their purchases. This feature allows customers greater financial flexibility in addition to earning reward points for the purchases made.  This unique feature will be greatly beneficial to new credit card customers. This offer reflects QNB's ongoing commitment to providing its customers with the ultimate banking experience with exclusive benefits that allow them a great opportunity to enjoy a world of exclusive rewards, travel and the most exceptional shopping experiences.

In September this year, IKEA partnered with QNB and Mastercard to enter Qatar’s fast growing e-commerce space. The partnership enables shoppers to order their favorite items online and pay with a credit card. QNB offers digital e-commerce products built on innovation and service excellence, keeping businesses up to date with the latest payment solutions, powered by trusted and secure Mastercard technology.

QNB also recognized the work of medical professionals in Qatar by offering them award-winning financial solutions to cater for their banking needs.  Medical professionals can join the QNB First premium banking membership to gain access to a suite of exclusive financial and lifestyle solutions and offers.

To offer the most rewarding experience to its loyal customers, QNB Group recently signed a strategic partnership deal with the leading digital travel platform provider Booking.com. As part of the partnership, QNB customers will receive a limited-time fixed 10% upfront discount, available until December 31, 2020.

QNB customers will be able to choose from more than 29 million accommodation listings on Booking.com and only need to book through the special QNB co-branded version of Booking.com (www.booking.com/qnbdeal) with their QNB payment card to take the advantage of the offer. 

Keeping in view the market dynamics and fast changing requirements of the customers, banks in Qatar are constantly upgrading their services and making big investments to deploy new technology to ensure all online transactions are transparent, safe and secure (in terms of data and information security).

In July this year, Ahli Bank and Al Meera Consumer Goods Company announced a new partnership under Ahlibank’s Credit Card Pearl Rewards Program. Under this partnership, Ahlibank credit cardholders will be able to redeem Pearl Reward Points for Meera Rewards, Al Meera’s loyalty program. There are multiple ways for Ahlibank credit card holders to redeem their Pearl Points, including digitally. Banks are constantly working to diversify their product portfolio. Commercial Bank has been pioneering the Qatari market with the latest technology in an attempt to ease day-to-day transactions and payments and enhance customer banking experience.  It was the first to launch the Tap N’ Pay card technology in Qatar in 2018. Tap N’ Pay has played a vital role during the COVID-19 pandemic by paving the way for safer contactless transactions.

To meet its customers’ growing demands through new card offerings and products. the bank earlier this year introduced CB Pay, a Cards digital wallet service available on CBQ Mobile App. Boasting a world-class loyalty system and high-end reward platforms, Commercial Bank recently launched a new option that lets customers redeem their reward points to Qmiles. With a click of a button, a customer’s CB Rewards or Limited Edition points can be converted to Qmiles, which is a feature that no other bank in Doha enjoys.

As innovation and differentiation are key to the payment industry, Commercial Bank introduced the Metal World Elite Mastercard Credit Card for Limited Edition Customers, a brand-new metal card offering contactless payment functionality.

Banks are striving to offer innovative products and services that provide strong value and convenience to their clients. With Qatar being one of the digitally most advanced countries in the region, all major banks in the country are partnering with leading companies in sectors such as retail, aviation, hospitality and other services sectors to tap new business opportunities to boost their revenue and profitability.

And Qatar International Islamic Bank became the first Qatari bank to announce Phase 3 of the ‘SWIFT gpi’ payment system, which facilitates confirmation of incoming payments. ‘SWIFT gpi’ provides high-tech features and the possibility to track internal and external payments in real time until their completion. The Swift gpi service also provides “transparency and speed” allowing customers to know the foreign currency exchange rates and all fees related to their transfers, which can be completed with more speed and accuracy.