Commercial Bank has announced the launch of the first contactless debit cards in Qatar on the internationally-accepted Visa and MasterCard NFC platform.
The contactless debit cards will enable Commercial Bank’s customers to conveniently ‘Tap & Go’ at NFC-enabled point of sale (POS) terminals and they can also use the card as a normal debit card at any POS terminal.
Commercial Bank contactless debit cardholders will not be required to enter a PIN or sign receipts for transactions up to QR100 per day. Customers will also have an option of using their debit card as a normal chip and PIN card for conducting transactions if the value of transaction is higher than the contactless daily limit.
Contactless cards are the latest innovation from Commercial Bank to make banking simple and convenient for the best client experience. Starting in November, Commercial Bank will roll out the first batch of contactless debit cards to the Qatari market, shortly followed by contactless credit cards and pay cards.
Another digital innovation coming soon from Commercial Bank is the digital wallet. Set to go live in spring 2018, digital wallets allow customers to pay for purchases using their mobile phones.
Contactless cards are a fast, easy, and secure ways to pay for purchases by simply touching your card on a reader and a PIN is not required. Transactions are much faster compared to cash and PIN-based transactions, making contactless ‘Tap & Go’ an important feature for supermarkets, fast food outlets, mass public transport, ticketing, and sporting events in many parts of the world.
Joseph Abraham, chief executive officer, Commercial Bank Group, said: “Commercial Bank has a long tradition of being innovators in the payments market and we are proud of introducing the first contactless debit cards in Qatar, with credit cards following soon.
“The potential for contactless payments in Qatar is very exciting due to our young and tech savvy population, Qatar’s movement towards a digital payment ecosystem, the forthcoming World Cup in 2022, and huge transport infrastructure investments such as the Doha Metro where contactless payments are expected to feature. All of these points will drive the use of contactless payments in Qatar and Commercial Bank will be leading the way to enable the use of this technology.”
Amit Sah, EGM head of consumer banking, Commercial Bank, said: “Commercial Bank holds a leading position with acquiring retailers and merchants, which are the key segment for contactless payments, and Commercial Bank has focused on driving both the issuance of contactless cards to increase the number of customers, as well as drive the penetration of contactless acceptance devices. Our contactless card proposition will enable our customers to transact faster, while continuing to enjoy a high level of security.”
Source: Gulf Times