QCB ‘Fawran’ payment service now through QPay

Retail customers in Qatar can now make use of the Qatar Central Bank’s ‘Fawran’ payment service through the National E-Commerce Gateway – ‘QPay’.According to the QCB, the instant payment service can be availed of "via mobile number or alias.”A key feature of ‘Fawran’ payment service for retail customers is that they don’t have to use bank cards for local online shopping.The service "ensures adherence to the highest security and protection standards in payment processing through Qatar Central Bank systems.”To accept customer payments, merchants in Qatar should register for Fawran service.Currently, Doha Bank is the participant in Fawran’ payment service through QPay.Fawran is considered one of the innovative and advanced services, in line with the third strategy for the financial sector in the country and in continuation of the QCB's efforts to develop the infrastructure of payment systems and keep pace with the latest developments in payment systems and electronic transfer of funds.Fawran was designed in accordance with a system based on the latest technologies and security standards, to maintain the security and confidentiality of the information created by the QCB to enable financial institutions to provide the service to their customers with complete reliability.One of the most prominent advantages provided by the instant payment service is enabling bank customers to send and receive money in the country immediately, and within moments. It will also be available round-the-clock without interruption.Earlier, the QCB noted that the launch of the Fawran is part of the projects it has undertaken to enhance the country's payment system.This initiative plays a significant role in strengthening the financial sector, providing diverse payment options for all segments of society, facilitating payment processes, and reducing reliance on cash, thereby lowering associated costs.