- Earlier this month, Ripple’s partner, Tranglo, revealed plans to expand into the gulf.
- The acceptance of Apple Pay and Samsung Pay is a major development.
The first license for digital payments has been awarded by the Central Bank of Qatar. The licensing of two 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 remembering that last week the Qatar Central Bank said that banks in Qatar are ready to formally launch the mobile payment service, Google Pay, after completing the required testing. The acceptance of Apple Pay and other worldwide digital wallet systems, including Samsung Pay, is a major development.
Million Soccer Fans Anticipated
At the conclusion of this year, Qatar will host the 2022 FIFA World Cup. It is clear that the Gulf state is preparing for a tourist boom as it anticipates the arrival of over a million soccer lovers. As pointed out by the Central Bank of Qatar, the aforementioned action will benefit in “enabling visitors especially during the World Cup to process and complete their digital payments.”
In recent years, the Middle East has opened its digital market to participants from all around the globe. Earlier this month, Ripple’s partner, Tranglo, revealed plans to expand into the area. The international payment clearinghouse launched a new payment corridor in the United Arab Emirates last week.
In particular, the Arab Gulf area has been a key market for international digital payments since the epidemic. Looking back, these recent actions will help the digital payment industry including crypto payment in the Gulf expand even more. Moreover, with the FIFA event just around the corner, this is a wise move.
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