Commercial Bank launched an innovative payment service, the first of its kind in Qatar, which is “VPOS for Merchants”, a digital service that allows converting Android phones into Point of Sale (POS) devices, thus allowing merchants to accept contactless payment solutions, which contributes To complete secure, fast and easy payments without the need for additional devices.
While this digital service will be available to all merchants, Commercial Bank seeks to increase acceptance of payments via cards and e-wallets instead of transactions that rely mainly on cash operations such as small businesses, licensed home businesses, micro businesses, grocery stores, and coffee shops. , and others. Upon completion of the purchase process, the merchant will ask the customer to pass the credit card, debit card without touching, or any other digital wallet, or the phone to the virtual point of sale of the Commercial Bank, and then the payment process will be successfully completed through the “Near Field Communication” technology NFC).
Amit Sah, Executive General Manager, Head of Consumer Banking said, “The payment solution represented by CBOS Merchant Service is part of Commercial Bank’s continuous journey to innovate and increase the acceptance of card payments in the country, especially during the FIFA World Cup™. .»
Roya Khaja, Assistant General Manager, Head of Cards and Payments Department said: “This first service of its kind aims to empower all merchants, especially those with businesses that rely on cash payments, such as small businesses and licensed home businesses, by providing them with solutions to accept payments with reduced costs because it eliminates the need for to the presence of a traditional point of sale device.
This innovative technology that provides touchless payment acceptance solutions contributes to enhancing Commercial Bank’s strategy towards supporting the country’s vision of building a cashless society and access to accepting digital payment solutions that aid in financial inclusion.
In addition, it is considered a major step in serving the bank’s strategy towards sustainability by providing paperless payment solutions. The year 2021 witnessed an acceleration in the pace of the shift towards sustainability in the global agenda in conjunction with the convening of the twenty-sixth session of the United Nations Conference on Climate Change, also known as COP26, and the launch of the Qatar National Environment and Climate Change Strategy. With these developments, Commercial Bank must continue its endeavor to introduce radical changes as part of its sustainability journey. Commercial Bank is looking forward to improving its sustainability performance in the coming years through products and services that serve this strategy.
