Qatar Islamic Bank (QIB) has launched a
payment plan on its mobile app that allows cardholders to pay some of their transactions
The Easy Payment Plan (EPP) feature is
available on the QIB Mobile App and was launched in celebration of Qatar
National Day. With this new feature, QIB Co-Branded, Revolve, and Charge Credit
cardholders will benefit from more payment flexibility by converting some of
their transactions to instalments.
To be specific, the Easy Payment Plan
targets single transactions above QAR 5,000 (USD 1,373) completed in the last
35 days by Revolve and Charge Credit cardholders. Those who choose to take
advantage of this offer can pay these transactions in equal instalments over 6,
9, 12, or 24 months without any processing fees. It’s also worth noting that
the instalments will convert to personal finance and the funds will be
automatically credited to the respective credit card from the customer’s
QIB Credit cardholders can apply for 10 EPP
with no impact on their credit card limit. They can also unlock an additional
EPP by paying an existing one. All citizens and residents in Qatar can find the
updated QIB Mobile app in their respective app stores. QIB representatives
cited by yourstory.com revealed that this new feature is part of the bank’s
digital strategy to simplify payment obligations for its customers in a
transparent way through the mobile app.
Qatar’s vision to create a cashless society
According to Qatar National Vision 2030,
Qatar is on track to become an advanced society capable of sustaining its
development and providing a high standard of living for its people. Qatar’s National
Vision defines the long-term goals for the country and offers a framework in
which national strategies and implementation plans can be developed.
In line with this ongoing plan, the Qatar
Central Bank (QCB) recognises the importance of fintech to the sector’s
long-term development, and views it as an opportunity to increase access to
finance for small and medium-sized enterprises (SMEs) in the GCC.
Individual banks are also working to
facilitate access to finance. For instance, Qatar Islamic Bank (QIB), the
Middle East’s largest sharia-compliant lender by assets, has introduced
automated credit applications that have reduced the processing time of SMEs’
applications by 80%, and the time to disbursement by 50%.
In November 2022, Qatar Islamic Bank (QIB)
has launched Samsung Wallet, a secure mobile payment service for credit, debit,
and prepaid cardholders owning Samsung devices. Samsung Wallet is the latest
addition to QIB’s mobile payment solutions, and it contributes to Qatar’s
endeavours to create a cashless society while offering customers more
convenience when dining or shopping.