Qatar’s QNB unveils new RippleNet payment system at Smart City Expo Doha 2022

By Salma C, Intern Reporter
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QNB RippleNet
QNB pavilion at Smart City Expo Doha 2022

Qatar National Bank (QNB) Group, the largest financial institution in the Middle East and Africa (MEA), has unveiled new innovative payment solutions in partnership with Ripple at the Smart City Expo Doha 2022. 

As the official bank sponsor of the Smart City Expo Doha, an initiative by the Ministry of Communications and Information Technology (MCIT), QNB has showcased its latest digital banking products and services at the bank’s pavilion at the Expo.

QNB’s new RippleNet payment is part of the bank’s payment ecosystem and strategy for cross-border payments with Ripple. Being the first to the market through RippleNet, QNB continues to expand cross-border payments and enhance its payment services quickly across multiple countries.

This partnership between QNB and Ripple offers near real-time payments to provide a unique and different experience for QNB customers. As part of a group rollout, Ripple’s global financial network technology, RippleNet was initially launched by QNB Finansbank in Turkey, with plans to expand to other major remittance corridors in other major countries in the near future.

WeChat Pay

The bank also introduced WeChat Pay, China’s leading mobile payment solution to retailers in Qatar. As the first bank to launch this service in Qatar, QNB reaffirmed its commitment to supporting retail clients who will be attracting Chinese customers at the upcoming FIFA event. With more than 1.2 billion users of WeChat Pay worldwide each month, QNB pursues a policy of supporting advanced payment acceptance options across a wide range of merchant networks in the marketplace for secure and safe payment options while promoting a cashless echo system.

QR Pay 

The QNB Pavilion also has displayed QR Pay, a unique service that enables customers to make quick and secure contactless payments for their retail purchases using the QNB Mobile Banking app by scanning the QR code displayed on the QNB POS terminal screen.

After QNB Mobile Banking, along with QNB Pay and Apple Pay, other innovative contactless payments offered by banks such as ATM QR Access, QR Pay is equally responsive to the needs of customers and merchants for secure and convenient cashless payments. This new ecosystem allows for simple, secure and innovative digital payments to ensure a seamless customer experience.

Adel Ali Al-Malki Image
Adel Ali Al-Malki
General Manager
Group Retail Banking Division

“We are extremely delighted to announce and introduce our innovative payment capabilities in a growing digital market with increasing adoption of advanced payment technologies such as Ripple’s cross border funds transfer technology, and QR Pay. QNB is committed to meet the needs of modern and innovative payment methods while reinforcing our regional leadership position in payments technology.”

To meet the growing needs of customers and merchants, QNB displays its digital innovations in Smart City Expo Doha, such as Secure Contactless ATM transactions, Self-Service Bank Card issuance capabilities, enhanced mobile banking, Internet banking capabilities, and WhatsApp services and WeChat Pay to simplify payment acceptance and performance on FacePay. It also showcases the latest banking solutions developed in line with the changes introduced by the pandemic.

Related: Mashreq Bank strives for regional digital payment leadership with NEOPAY