Vodafone Qatar announced that it has been granted the first license issued by Qatar Central Bank (QCB) to provide electronic payment services through its subsidiary Infinity Payments Solutions (iPay).
These new services include the issuing of electronic wallets through the iPay mobile payment system, which provides a payment feature for merchants and enables users to transfer funds locally, the company said in a statement to the Qatar Stock Exchange. Â
The electronic wallet also facilitates international money transfers via a licensed bank or exchange service in the State of Qatar.
On Tuesday, QCB issued the first licenses to two companies providing digital payment services.
The bank said in a tweet, “The licenses were granted to the companies Ooredoo Money and iPay – both of which are affiliated with Vodafone Qatar – to practice the activity of providing electronic payment services.”
QCB stressed that the licenses are a first step toward bringing all companies that provide digital payment services under the bank’s supervision, in order to contribute to the development of the fintech sector and promote financial inclusion.
