Doha, Qatar: The boom in Qatar's e-commerce market is set to continue and reach new heights as more retailers and consumers move to online platforms.
Qatar Central Bank (QCB) yesterday revealed details of point of sale (POS) and e-commerce in Qatar for March 2024.
QCB announced through its social media handle that the e-commerce transaction value in March 2024 reached 6.44 million at Rs 3.66 billion, increasing the e-commerce value by 43.5 per cent year-on-year and by 18.4 per cent in 2024. . 2023 and March 2022 respectively.
Meanwhile, Qatar's e-commerce transaction volume was 4.9 million and 4.34 million in March 2023 and March 2022, respectively.
In the same post, the POS transaction volume reached 32.43 million rupees with 8.13 billion rupees in March 2024, compared to 7.72 billion rupees and 6.6 billion rupees in March 2023 and March 2022, respectively. , also noted an increase of 5.31% and 23.18% on an annual basis. . Qatar's POS transaction volume in March was 29.5 million in 2023 and 23.2 million in 2022.
The number of POS devices in Qatar reached 70,567 in March 2024, while it totaled 63,832 and 50,103 in March 2023 and March 2022. Revealing details of the total number of active cards, the data showed that as of March 2024, there were 2,246,677 debit cards, 686,347 credit cards and 723,395 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.
Recently, QCB launched Fawran, an innovative instant payment service aimed at developing a digital payments ecosystem in the country.
This service allows beneficiaries to receive funds within seconds. It operates 24/7 and is available through mobile banking applications and digital channels. The transaction volume of e-commerce reached 6.02 million in February, and the value reached 3.06 billion rupees, and the transaction value on an annual basis in 2023 and 2022, respectively You can see that it has increased. POS transaction volume reached 33.41 million. In February 2024, it amounted to 7.9 billion rupees, an increase of 18% and 51% compared to the same month last year.
Qatar's e-commerce market is gaining momentum with significant growth rates and opportunities for further expansion in various sectors. Demand for digital banking products and services has also increased significantly.
In line with the third financial sector strategy and within the framework of the country's digital payments infrastructure development, QCB also recently launched the Himyan debit card. It is the first national prepaid card to be trademarked in Qatar and is available in all stores, ATMs and banks in the country for use in online e-commerce.
This represents a qualitative addition to the electronic payment solutions available in Qatar, enriching services for local banks' customers and contributing to the promotion of financial inclusion in the country, supporting the transition to a cashless society. bring progress toward
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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