The new QIB SoftPOS solution, powered by Mastercard, enables merchants to use their Android smartphones as a POS terminal to securely accept contactless payments using embedded Near-Field Communication (NFC) functionality
QIB, Mastercard partner for QIB SoftPOS solution. (Credit: NordWood Themes on Unsplash)
Qatar Islamic Bank (QIB) has teamed up with payment technology company Mastercard to roll out QIB SoftPOS, its new smart payment solution for merchants.
The new solution is designed to convert an Android Smartphone into a point-of-sale (POS) terminal.
It enables secure acceptance of contactless payments using embedded Near-Field Communication (NFC) functionality.
With the QIB SoftPOS solution, powered by Mastercard, merchants can use their Android smartphones to accept contactless transactions from all EMV contactless cards.
They can also accept payments from wallets such as Apple Pay, Google Pay, or others, using NFC-enabled phones and NFC-enabled wearable devices.
Mastercard Qatar and Kuwait country manager Erdem Çakar said: “We are delighted to join forces with our partners at QIB as we mark the next era in innovation and access for merchants across Qatar.
“Omnichannel solutions like QIB SoftPOS allow businesses of all sizes to tap into the limitless potential of the digital economy.
“We will continue to partner with the public and private sector alike as we work towards our goal of connecting 50 million MSMEs globally to the digital economy by 2025.”
The new QIB SoftPOS solution provides access to multiple users to improve scalability and eliminates the need to purchase new hardware to enhance cost efficiency.
The use of smartphones makes it an affordable and easier way for merchants to conduct electronic payments.
According to QIB, Mastercard has been offering mobile payment acceptance solutions, to promote financial inclusion among micro, small and medium-sized enterprises.
It works together with governments, banks, other financial organisations, fintech companies and the business community to create opportunities for SMEs.
QIB said that it continues to launch multiple first-to-market solutions across its channels and is the first Islamic Bank to offer a POS solution and online payment gateway.
The bank offers a Corporate App, which enables its customers to fully control their accounts.
They can manage their corporate banking accounts, instantly contact their relationship managers, and can conduct their banking operations without visiting a branch.
QIB wholesale banking group general manager Tarek Fawzi said: “We are delighted to launch the QIB SoftPOS solution, empowering merchants with an innovative and cost-effective solution for their day-to-day business.
“The new solution will enable existing and new businesses to accept contactless payments in an easy way as customers are moving to digital channels faster than they have in the past.
“As Qatar is keen on establishing a cashless society by 2030, the new QIB SoftPOS solution will further contribute to achieve this vision.”