We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Thu 13 May 2004 04:00 AM

Font Size

- Aa +

Qatar unveils national payment gateway

The Qatar Central Bank (QCB) has launched a new national payment gateway using the Pay One solution. The solution, is based on an electronic wallet system that will enable debit and credit card holders, bank-account owners and merchants to make real-time payments for online transactions.

The Qatar Central Bank (QCB) has announced the launch of a new national payment gateway using the ‘PayOne’ secure online payment solution. The solution, provided by Business One, a division of the STS Group is based on an electronic wallet system that will enable debit and credit card holders, as well as bank-account owners, to make real-time payments for online transactions.

Based on IBM’s Websphere Products, Pay One, the new e-payment gateway will offer customers both card-based as well as direct account-to-account electronic fund transfer. For the first time in Qatar, even non-card holders can avail of a secure, quick payment channel in real-time for all their online transactions, effectively extending Qatar’s e-governance net to a wider base of end-users says STS. The vendor’s partner in Qatar, Ideal Solutions undertook the implementation.

“By implementing a national payment gateway in Qatar, we are effectively offering citizens increased options to pay for their online purchases and e-government transactions using many different payment methods available in their secured e-wallet. We are confident that this will have a multiplier effect on Qatar’s e-business and e-governance,” explains Hashim Al-Sada, director, system development and planning department, Qatar Central Bank

As the central payment facilitator for all business transactions, between Qatari merchants, banks and end-users, the bank can now offer faster transactions over the internet. The new gateway works with the existing e-STP (straight through processing) and the RTGS (real time gross settlement) system, used by all the Qatari banks. With the implementation of Pay One in the national payment gateway, even Qatari citizens and merchants can use the service.

Qatar, which boasts one of the strongest economies in the Middle East region and the world, with per capita income figures of US$29,948 hopes to expand the service to the Doha Stock Market (DSM), so traders can purchase and sell stocks online in real-time when DSM connects to the RTGS.

The electronic payment and transaction technology uses a protected PIN entry mechanism and enrollment process, which can be integrated with any merchant’s legacy system thus offering lower operating costs.

“We are delighted that the Pay One solution has been selected by Qatar Central Bank for implementing a national payment gateway. As the e-arm of the STS Group, we specialise in offering software solutions for the e-business industry,” says Amjad Rahhal, chief operations officer, Business One.

Arabian Business: why we're going behind a paywall

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Read next