First of its kind cards payments acceptance solution in Qatar
13 March 2022
Doha, Qatar – 13 March 2022: Commercial Bank, once again leads the way in reshaping the banking experience for customers, with the launch of the first of its kind cards payments acceptance solution in Qatar, the Virtual Point of Sale “CB VPOS for Merchants".
“CB VPOS for Merchants" is a mobile solution which converts an Android mobile phone into POS terminal that allows merchant customers to accept contactless card payments in a safe, easy and convenient manner without the need of any additional hardware.
While this new digital payment solution 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. At checkout, the merchant will simply prompt the customer 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 “NFC".
Commenting on the launch, 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™."
Roya Khajeh, AGM and Head of Cards and Payments added: “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."
This innovative contactless payment technology contributes to Commercial Bank's direction towards supporting the government's vision of becoming a cashless society and the reach of acceptance created will also help in the financial inclusion.
Additionally, it is considered to be another milestone serving the Bank's strategy towards sustainability by providing paperless payment solutions. 2021 witnessed the acceleration of sustainability on the global agenda, most notably with the staging of COP26 and closer to home, the launch of Qatar's National Environment and Climate Change Strategy. With these developments in mind, Commercial Bank recognizes that it must continue to drive meaningful change as part of its sustainability journey. Commercial Bank is looking forward to improving its sustainability performance in the years to come with more products and features that support this strategy.
END