Qatar Islamic Bank (QIB) has launched a payment plan on its mobile app that allows cardholders to pay some of their transactions in instalments.

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 account.

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.