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DOHA: In a significant move to enhance the country's instant payment system, Qatar Central Bank (QCB) has unveiled the 'Request to Pay'feature through its 'Fawran'service. This development aligns with the Third Financial Sector Strategic Plan and was announced on Tuesday.
The 'Request to Pay'option allows customers to send a payment request from the payee to the payer. Upon receiving the request, the payer will see the payee's name, the requested amount, and options to accept or reject the payment. If the payer accepts, the specified amount will be transferred instantly to the payee's account.
QCB highlighted this new feature on the social media platform X, emphasizing its potential to streamline transactions and enhance payment efficiency. The participating banks for this service currently include Doha Bank, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan, and Qatar International Islamic Bank.
Qatar Tribune
