October 6, 2022

Standardise fees charged from micro-companies, merchants: QCB to banks

The Qatar Central Bank (QCB) on Wednesday directed all banks operating in the country to reduce and standardize fees charged from micro-companies and merchants distributing food commodities and private fuel stations.
In a circular published on its official Twitter account, the QCB directed all banks that provide Point of Sale (POS) service to provide payment service using a QR Code at merchants and to provide the necessary usage instructions in order to enable non-bank customers to pay to promote the smoothness and flexibility of payment services for users.
The QCB said that its directives aim to achieve Qatar National Vision 2030 by improving the effectiveness of electronic payment services in the banking sector in Qatar, and to encourage the use of electronic services, which supports the transition to a non-monetary society, supports economic integration and enhances the participation of all categories of private sector companies.