Qatar ready to move towards ‘cashless society’, says Qatari fintech company

On the back of world-class IT infrastructure and high mobile penetration, as well as a diverse range of solutions providers in the market, Qatar is ready to move towards a “cashless society,” an official of a Qatari fintech company has said.SkipCash founder and managing director Mohamed al-Delaimi made the statement during a recent media briefing at the company’s headquarters in Lusail where he announced the latest partnerships with local entities and its short and medium-term plans.SkipCash is a mobile payment app that has proven its position within the local financial technology (fintech) sector as a licensed firm by the Qatar Financial Centre (QFC) and regulated by the Qatar Central Bank (QCB).Al-Delaimi said, “SkipCash is a national company with a global vision that contributes to Qatar's digital transformation and the financial technology sector.” He said the mobile application has seen exponential growth since its official launch in December 2020. It now has more than 26,000 users with more than 9,000 successful payment transactions.According to al-Delaimi, the application “has been the ideal contactless secure payment solution during the pandemic.”“We have achieved tremendous growth in a short period; we thank all our partners and users for trusting us and look forward to continuing to strengthen our partnerships with them and offering our utmost support,” he noted.Al-Delaimi said the company has partnered with over 250 brands in various sectors locally. This includes a new partnership with Capstone Real Estate, which allows the real estate company’s clients to pay their monthly rent through the application and obtain many other benefits.The company also partnered with Regency Travel, allowing customers to complete their bookings through SkipCash and Starlink. Customers may also pay through the application for their purchases. “All payments are completed securely and safely, without the need to visit any branch,” al-Delaimi stressed.He said SkipCash is currently finalising new partnerships with telecommunication companies. “Moreover, SkipCash will have its dedicated loyalty programme offering customers additional benefits and points and allowing them to leverage more from their purchases,” he said.SkipCash recently announced the closing of a QR7mn ($1.92mn) seed round funding from private Qatari investors. The funding represented the second round of investments SkipCash received, following an awarded product development fund of QR700,000 in July 2020 from the Qatar Science and Technology Park (QSTP), in recognition of its offerings that address a key market need in the local economy, al-Delaimi said.SkipCash provides consumers and merchants with a convenient and efficient payment experience. Using QR codes, the App facilitates secure digital payment by eliminating cash, physical cards, and point-of-sale (POS) devices, al-Delaimi explained.“Users can securely add their credit card to the App, monitor their spending via visual spending reports, organise their payment receipts, and enable virtual accounts for their children and other family members. It also gives them access to vouchers and coupons from different merchants,” said al-Delaimi, who added that the application may be downloaded at www.skipcash.app