QIB launches a payment plan on its mobile app
Qatar Islamic Bank (QIB) has launched a payment plan on its mobile app that allows cardholders to pay for some of their transactions in installments.
The Easy Payment Plan (EPP) feature is available on the QIB Mobile App and was launched in celebration of Qatar National Day. With this new feature, QIB Co-Branded, Revolve and Charge credit cardholders will benefit from more payment flexibility by converting some of their transactions to installments.
To be specific, the Easy Payment Plan targets single transactions above QAR 5,000 (USD 1,373) completed by Revolve and Charge credit cardholders in the last 35 days. Those who choose to take advantage of this offer can pay these transactions in equal installments over 6, 9, 12 or 24 months without any processing fees. It is also worth noting that the installments will be converted to personal finance and the funds will be automatically credited from the customer’s account to the respective credit card.
QIB Credit Cardholders can apply for 10 EPP with no impact on their credit card limit. They can also unlock an additional EPP by paying an existing one. All citizens and residents in Qatar can find the updated QIB Mobile app in their respective app stores. QIB representatives quoted by yourstory.com revealed that this new feature is part of the bank’s digital strategy to simplify payment obligations for its customers in a transparent manner through the mobile application.
Qatar’s vision to create a cashless society
According to Qatar National Vision 2030, Qatar is on its way to becoming an advanced society capable of sustaining its development and providing a high standard of living for its people. Qatar’s National Vision defines the long-term goals for the country and provides a framework in which national strategies and implementation plans can be developed.
In line with this ongoing plan, the Qatar Central Bank (QCB) recognizes the importance of fintech for the sector’s long-term development, and sees it as an opportunity to access finance for small and medium-sized enterprises (SMEs) in the GCC.
Individual banks are also working to facilitate access to finance. For example, Qatar Islamic Bank (QIB), the Middle East’s largest sharia-compliant lender by assets, introduced automated credit applications that reduced the processing time of SMEs’ applications by 80%, and the time to disbursal by 50%.
In November 2022, Qatar Islamic Bank (QIB) launched Samsung Wallet, a secure mobile payment service for credit, debit and prepaid cardholders who own Samsung devices. Samsung Wallet is the latest addition to QIB’s mobile payment solutions, and it contributes to Qatar’s efforts to create a cashless society, while offering customers more convenience when dining or shopping.