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POS Transactions Rise by 18.6% to QR7.95bn in May

POS Transactions Rise by 18.6% to QR7.95bn in May

Doha, Qatar: The Point of Sale (POS) transactions in Qatar have witnessed rise in May of this year.

POS transactions were valued at QR7.95bn in May 2024 compared to QR7.32bn in May 2023 and QR6.70bn in May 2022 showing a surge of 8.6 percent and 18.6 percent respectively, Qatar Central Bank (QCB) data has revealed, yesterday.

The volume of point of sale transactions stood at 35.69 million in May this year, while it was 30.92 million in May last year and 23.93 million in May 2022, an increase of 15.42 percent and 49.1 percent respectively.

The number of point of sale devices in Qatar totalled 73,124 in May this year compared with 65,905 in May 2023 and 51,266 in May 2022, QCB data further noted.

PoS solution provides innovative, secure, and highly efficient payment processing services as it supports contactless card transactions, eWallet, mobile PoS (mPOS), QR code scanner, and online billing and settlement.

Revealing the details of the total count of active cards in Qatar in May this year, the data showed the number of active debit cards totalled 2,295,170. While the credit cards and prepaid cards totalled, 721,997 and 717,504 respectively in May 2024.

The volume of e-commerce transactions reached 7.11 million in May 2024 with a value of QR3.58bn showing a year-on-year surge in value of e-commerce transactions by 29.2 percent and 39.2 percent in May 2023 and 2022 respectively.

Meanwhile the volume of e-commerce transactions in Qatar totalled 5.33 million and 4.35 million in May 2023 and 2022 respectively.

In line with the Third Financial Sector Strategy, and in the framework of developing the country’s digital payments infrastructure, QCB also launched Himyan Debit Card recently. It is the first national prepaid card with a registered trademark in Qatar and is available at banks which can be used at all point of sale, ATMs, and online e-commerce transactions within the country.

Recently, QCB launched the innovative instant payment service Fawran which aims to develop a digital payment ecosystem in the country.

The service significantly benefits customers across the country and enables the beneficiaries to receive funds within seconds. It operates 24/7 and can be used through mobile banking applications and digital channels.