While fintech is still a relatively new industry in Qatar, it has been growing at an alarming rate. A new study by Switzerland Global Enterprise (S-GE), the official Swiss agency for exports and investment promotion, examines the major drivers of fintech app development in Qatar and the emerging trends shaping the industry.
The report highlights the impressive growth of the Qatar fintech sector, particularly focusing on the dominant role of electronic payments within the ecosystem. This growth is attributed to high internet penetration rates and widespread smartphone usage in Qatar. Notably, 99% of Qatar’s 2.7 million population uses the internet and smartphones, creating an environment conducive to the acceptance of digital payments.
Additionally, Qatar boasts a well-developed IT infrastructure, including fiber optics and 5G, and is one of the countries with the fastest mobile internet connectivity in the Middle East. This provides startups with an ideal environment for innovation and growth.
The Rise of Embedded Finance
In addition to digital payments, embedded finance is also growing in the financial technology landscape, driven by the rise of open banking. The initial adoption of open banking was a private initiative, and the largest institution in the nation, Qatar National Bank (QNB), announced in 2022 the launch of its open banking platform, becoming the first institution to offer these services. The platform allows an encrypted connection between QNB’s main financial system and third-party systems, such as fintech startups and corporate partners, facilitating the transfer of information and payments.
In May 2024, QNB took another step forward, launching one of the first open APIs in the United States, with solutions specifically designed for corporate customers. Although the private sector was the first to pioneer open banking in Qatar, the Qatar Central Bank (QCB) is also at the forefront of this trend. In 2023, QCB introduced its fintech plan with a special focus on the open banking initiative. It is believed to be working on plans for an open banking framework set to go live in 2026, making a significant step toward financial openness.
Top Fintech Apps in Qatar
The fintech scene in Qatar may be in its early stages, but it is very quickly gaining momentum. As one of the wealthiest nations in the world, Qatar has the financial resources to support the most innovative fintech businesses from their early stages. Customers in Qatar are increasingly seeking more effective and convenient custom fintech solutions to manage their money. These factors combine to build a dynamic and ever-evolving financial technology industry.
QPay
A pioneer in the revolution of fintech app development in Qatar, QPay offers a variety of electronic payment solutions, ranging from payroll to e-commerce and point-of-sale systems. To cater to the specific needs of local consumers, QPay has partnered with Qatar Islamic Bank (QIB) to provide premier Islamic point-of-sale (POS) systems and online payment gateways. It supports contactless transactions, electronic wallets, mobile point-of-sale (mPOS) systems, QR (Quick Response) code scanners, and online payments and billing.
QPay has also developed a fully integrated postal delivery point-of-sale (PoS) system in partnership with Qatar Post. After receiving Qatar's fintech license from the Qatar Financial Centre (QFC) in 2019, the company is now poised to potentially implement blockchain-based financial services in the near future. In 2023, Qatar Islamic Bank (QIB) acquired QPay International's acquiring business for an undisclosed sum.
CWallet
CWallet aims to become Qatar's first regulated neobank. It provides payroll, payment, and remittance services to low-income individuals and businesses, as well as large volumes of customers. Like many fintech companies in Qatar, CWallet works with a traditional bank as its service provider.
The startup has signed an agreement with QNB to help facilitate settlements in compliance with regulations from the Qatar Central Bank. CWallet also has several partnerships with fintech firms. Recently, it formed an alliance with NymCard, an embedded finance service provider, to offer technology and support for creating CWallet-branded credit and debit cards for its customers in Qatar.
SkipCash
SkipCash aims to simplify the process of ordering and making payments for both merchants and customers, both online and offline. Founded in December 2020, SkipCash was created in response to the demand for contactless and digital payment options during the pandemic. The offerings of SkipCash include a variety of payment options, including mobile apps, a payment gateway, a tap-to-phone SoftPOS solution, and payment links.
The mobile app offers several useful features, allowing customers to pay for purchases, track spending, and manage receipts. It also provides virtual accounts for children and family members and gives users access to coupons, vouchers, and cashback deals from merchant partners. Merchants can use SkipCash’s online payment processor and QR-code payment options. In 2021, SkipCash formed a long-term strategic partnership with the online food ordering and delivery service provider Foodak, which will digitize the payments, ordering, and tipping processes.
Dibsy
Dibsy is a service that allows businesses in Qatar to accept online payments from international customers. Its offerings range from integrated solutions to hosted checkout options. This API solution enables retailers to set up the most flexible payment flows, including regular and one-time payments, as well as no-code payment links.
Dibsy's all-in-one dashboard allows merchants to sign up for an account, manage payments in real time, handle refunds, and monitor integrations. Merchants can also personalize the payment page with distinctive brand features.
KARTY
Founded in 2021, KARTY is developing an electronic wallet that allows both businesses and individuals to manage finances, savings, share costs, and set budgets all through one mobile app. Customers can join KARTY’s waiting list to experience "effortless navigation and an intuitive, user-centric design" when the app is released.
In January of this year, KARTY raised $2.5 million in a seed investment round from local investors. In February, KARTY was awarded a grant by the QRDI Council under the Technology Development Grant (TDG) trial stage to accelerate product development. After securing funding, KARTY is now awaiting final approval as well as licensing from the Qatar Central Bank to roll out its highly anticipated financial application.
Fatora
Fatora is an e-commerce and online payments platform offering a range of payment solutions, including payment links, payment gateway API integration, and point-of-sale (POS) systems. It allows SMEs to electronically send invoices to customers and collect payments quickly and easily. It also provides the ability to set up an online store, along with marketing tools for merchants selling online.
Noqoody
Noqoody provides a payment gateway that allows merchants to accept various payment methods, including ATMs, credit cards, direct mobile payments, and payments through third-party websites. It is accessible via APIs and custom SDKs. Card details registered through the site are protected by Noqoody's advanced tokenization technology. Businesses offering services overseas can use a multi-currency account to display rates in local currencies and receive settlements in any major global currency.
Qatar Pay
Qatar Pay is an e-wallet equipped with anti-fraud functions that offer payment and money transfer services. In addition, the company provides a QR code solution for the vending sector in Qatar, integrating end-to-end services, including the acceptance of cashless payment methods, central payment management tools, and reports.
Vendors can also use promotional and loyalty codes through Qatar Pay's unique e-money solutions. The fintech app development offers Qatar Pay Mobile Kiosks, SSM, and POS systems, all fitted with software and self-service options. These kiosks can accept all types of payments, which includes credit cards, debit cards, cash, and mobile payments. Payments are processed immediately via the QR code function in the Qatar Pay Wallet App.
Trends Shaping Qatar's Fintech Industry
Several emerging trends are transforming the delivery of financial services in Qatar:
One-Click Payments
Fintech startups are making transactions easier by securely storing payment data, allowing users to complete transactions faster and improving the overall customer experience.
Loyalty Programs for Customer Retention
Personalized loyalty programs are being used to strengthen relationships with customers. These programs offer discounts, rewards, and special offers that foster a sense of value and trust.
Buy Now, Pay Later (BNPL) Services
As e-commerce continues to grow in popularity, BNPL services are gaining traction. These services enable customers to easily purchase items and pay over time without the need to pay interest.
AI and ML for Fraud Prevention
Fintech startups are leveraging Artificial Intelligence (AI) and Machine Learning (ML) to identify and prevent fraud and chargebacks. These technologies analyze patterns to detect anomalies, improving security measures.
Zero-Download Experiences
Recent innovations in AI-powered chatbots and text platforms are enhancing customer interaction. Customers can make transactions using their preferred text platforms without the need to download specific applications, following a model similar to Apple Cash.
Key Innovations Transforming Customer Experience
Fintech app development in Qatar has revolutionized the customer experience with a variety of creative solutions.
Apple Pay Integration
Dibsy Fintech, a leading fintech company, was one of the first companies in Qatar to implement Apple Pay for online payments, making transactions much simpler and increasing customer convenience.
Empowering Underserved Communities
Cwallet strongly focuses on providing financial services to low-income, unbanked migrants, domestic workers, and blue-collar employees. With accessible financial solutions, Cwallet is bridging the gap that previously separated these communities from traditional financial services.
Value-Driven Technology
The appeal of fintech services comes from the benefits they offer in addition to the technology itself. Value-driven thinking can be a significant advantage in attracting and retaining clients.
The Key Takeaway
Fintech app development in Qatar has triggered significant shifts in the worldwide financial market by focusing on customer service and embracing new trends. Their local focus, commitment to customer convenience, and the development of innovative strategies are revolutionizing the financial sector. As Qatar continues to lead in the digital revolution, fintech app development in Qatar will play an important role in encouraging economic development, improving access to financial services, and ensuring customer satisfaction.
The fintech revolution in Qatar is not merely a trend, but truly a major shift towards a more open, creative, and customer-centric financial system. As these startups grow and expand their reach, they have the potential to create substantial social and economic benefits for the Qatar population.
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