Doha, Qatar: Qatar's e-commerce market is gaining momentum with significant growth rates, opening up opportunities for further expansion in various sectors. Qatar Central Bank (QCB) has revealed details of point of sale (POS) and e-commerce in Qatar for February this year.
In a series of posts on its social media handles, QCB said e-commerce transaction volume in February 2024 reached 6.02 million transactions at Rs 3.06 billion, with POS transaction value jumping 29% and 50% respectively. Comparison of 2023 and his 2022 year-on-year comparison.
Qatar's e-commerce transaction volume was 4.51 million and 3.53 million in February 2023 and February 2022, respectively.
The post also said that the POS transaction volume reached 33.41 million in February 2024, with an amount of 7.9 billion in February 2024, compared to 6.45 billion and 5.22 billion in February 2023. It also noted that the amount increased by 18% and 51% respectively. Based on every year. Meanwhile, Qatar's POS transaction volume in February was 26.5 million in 2023 and 19.53 million in 2022.
QCB also revealed that the number of POS devices in Qatar reached 68,963 in February 2024. Meanwhile, the totals for February 2023 and 2022 were 62,624 and 49,422 units, respectively.
Revealing details of the total number of active cards, it said that as of February 2024, there were 2,149,282 debit cards, 676,095 credit cards and 708,370 prepaid cards.
PoS solutions provide innovative, secure, and highly efficient payment processing services to support contactless card transactions, eWallets, mobile PoS (mPOS), QR code scanners, and online billing and payments.
The boom in Qatar's e-commerce market is set to continue and reach new heights as more retailers and consumers migrate to online platforms. Demand for digital banking products and services has also increased significantly.
The pandemic accelerated the pace of digital adoption in the country. Many consumers who were previously hesitant to use digital payment channels are now accepting online payments. The high penetration of internet services has favored the promotion of e-commerce in Qatar.
Last year, QCB officially launched Himyan, the first national prepaid card with a registered trademark in Qatar. Domestic prepaid cards are available at banks and can be used in all stores, ATMs and online e-commerce in the country.
This initiative is in line with QCB's efforts to develop electronic payment systems in Qatar and strengthen financial inclusion in the country.
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