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Qatar grants first digital payments license ahead of FIFA event

  • Earlier this month, Ripple’s partner, Tranglo, revealed plans to expand into the Gulf.
  • Acceptance of Apple Pay and Samsung Pay is a major development.

The first digital payments license was granted by Qatar Central Bank. The licensing of electronic payment service providers, iPay by Vodafone Qatar and Ooredoo Money, was announced in a tweet by the monetary agency on Tuesday.

In this regard, it is worth noting that the Qatar Central Bank said last week that banks in Qatar are ready to officially launch the mobile payment service, Google Pay, after completing the required testing. Acceptance Apple Pay And other digital wallet systems around the world, including Samsung Pay, are a major development.

Expect a million football fans

At the end of this year, Qatar will host the 2022 FIFA World Cup. It is clear that the Gulf country is preparing for a tourism boom and is expecting the arrival of more than one million football fans. As explained by the Qatar Central Bank, the above-mentioned measure will benefit “to enable visitors especially during the World Cup to process and complete their digital payments.”

In recent years, the Middle East region has opened its digital market to participants from all over the world. Earlier this month, Ripple’s partner, Tranglo, revealed plans to expand into the region. The International Payments Clearinghouse launched a new payment corridor in the UAE last week.

In particular, the Arab Gulf region has been a major market for international digital payments since the pandemic. Looking back, these latest measures will help the digital payment industry including crypto payments in the Gulf to expand even further. Furthermore, with the FIFA event approaching, this is a wise move.

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