All aspects of digitalisation of banking and the application of technology are very relevant for the post Covid-19 world, points out Commercial Bank Group CEO Joseph Abraham.
“Digital revolution in banking actually started before Covid-19. But the whole process is getting accelerated at a time when non-face-to-face transactions are very important,” Abraham said at a media roundtable by video conferencing Monday.
Referring to Commercial Bank’s "CB Pay for Merchants" Abraham said it is another “digital revolution in banking”.
“It provides for non-face-to-face transaction and is also very user-friendly. Because of the current Covid situation, people are unable to go to malls. But still they have shopping and payment requirements to be met. In this situation, it is very important that we provide our merchants and customers the ability to do non-face-to-face payments in a smooth, safe and secure manner, which is also very convenient,” Abraham noted.
Commercial Bank executive general manager and head (Consumer Banking) Amit Sah said, “The product is live in the market and we have done some transactions already. This is not innovation or launch in isolation. Over the last few months, we have made multiple innovations, launching multiple products in the market, which have gained wide acceptance.”
Highlighting the ability for retailers to trade, and receive payments using only a mobile phone, Sah said, "CB Pay for Merchants" is cashless and customers can make payment on delivery through phone.
It provides for remote payment on delivery, enabling easy home shopping and delivery and cashless in-person payments.
Invoices can be created and paid in advance, or settled upon delivery. Payment tracking and reconciliation is also very fast.
Many merchants across a range of sectors in Qatar have already expressed keen interest in the "CB Pay for Merchants" product, he noted.
“This is one more digital first by CB in this market. This product is probably among the best in the world. This is a solution that meets the requirements of our customers in this challenging time. This product delivers all of the good things that are required in this time of social distancing,” Sah pointed out.