Qatar’s leading financial entity, Commercial Bank (CB) has launched a first-of-its-kind cards payments acceptance solution in Qatar, the Virtual Point of Sale ‘CB VPOS for Merchants’.
The new digital payment solution will convert an Android mobile phone into POS terminal that enables merchant customers to accept contactless card payments in a safe, easy and convenient manner without the need of any additional hardware.
While CB VPOS will be available for all merchants, Commercial Bank is looking to help increase the acceptance of cards in the cash dominant businesses such as small merchants, registered home businesses, small micro-merchants, grocery shops, coffee shops and many others.
The merchant will simply have to prompt the customer at checkout to tap their contactless credit or debit card, or any other digital wallet or phone on the merchant’s CB VPOS and the payment will be securely completed using Near Field Communication technology.
Roya Khajeh AGM & Head Cards & Payments Commercial Bank
“This first of its kind service is targeted to empowering merchants who do business ‘on the move’ as well as the cash dominant businesses such as small merchants and registered home businesses, equipping them with a payment acceptance solution which is very cost-effective as it eliminates the need to have a traditional point of sale device.”
Commenting on the launch, Mr. Amit Sah, EGM Retail Banking, said, “The CB VPOS for Merchants solution is part of Commercial Bank’s ongoing journey in innovation to increase the cards acceptance in the country, especially during the FIFA World Cup.”
The innovative payment solution is expected to contribute to Commercial Bank’s efforts towards supporting the government’s vision of becoming a cashless society and the reach of acceptance created will also help in financial inclusion. Further, it is considered to be another milestone serving the bank’s strategy towards sustainability by providing paperless payment solutions.
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