QNB Group, one of the largest financial institutions in the Middle East and Africa, has unveiled its latest digital banking products and services, the Doha, Qatar-based financial institution announced Tuesday (March 29).
Among its solutions is a strategy for cross-border payments with Ripple, a technology that acts as a cryptocurrency and digital payment network for financial transactions.
Through RippleNet, a connection to financial institutions with an application programming interface (API), QNB said it will enhance cross-border payments and expand its remittance service across multiple countries quickly.
The company said this partnership promises near instant payments and offers a unique experience for QNB’s customers.
QNB also introduced WeChat Pay, a mobile payment solution in China, to retailers in Qatar. WeChat Pay is used by more than 1.2 billion users monthly worldwide, and the bank said it is supporting innovative payment options while promoting a cashless financial network.
In addition, QNB is also offering QR Pay, a service that allows customers to make contactless payments for retail purchases through the QNB Mobile Banking app. Users simply have to scan the QR code displayed on the point of sale (POS) terminal screen.
“QNB is committed to meet the needs of modern and innovative payment methods while reinforcing our regional leadership position in payments technology,” Adel Al-Malki, general manager of group retail banking division, said in a statement.
QNB Group and its 27,000 employees operate in more than 31 countries with 1,000 locations and an ATM network of more than 4,500 machines.
Last fall, PYMNTS wrote that QNB had unveiled its global cross-border payment strategy in partnership with Ripple.
Read more: QNB, Ripple Partner on Cross-Border Payments
“QNB always innovates to provide the best of service to its customers, and this partnership is yet another FinTech initiative of the bank to enhance the product offerings for our customers,” Heba al-Tamimi, general manager for group retail banking at QNB, said at the time.
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