Visa (NYSE: V), the world's leader in digital payments, has officially opened the doors to its new office in Doha. The new office will house a local team of payment experts committed to supporting Visa’s financial institution and merchant clients, local government partners, investments and local communities as part of continued efforts to drive digitization of Qatar’s payments landscape.
Digital payment adoption in Qatar has been rapidly increasing, driven by the government's efforts to promote digital transformation. Out of all in-store digital payments in Qatar, more than 90% are now contactless – around 35% on mobile wallets - above the regional average, and eCommerce continues to grow (3.9% YoY in Q1 2023) with the demand for seamless and secure digital payment experiences growing.
Visa continues to play an active role in supporting the digital transformation of local businesses with low-cost acceptance solutions such as Visa Tap to Phone. The technology enables businesses to quickly start accepting touchless payments using smartphone devices they already have, eliminating the need to invest in a physical point of sale device. Local merchants in Qatar are among the highest in GCC (2nd after Saudi Arabia) in terms of adoption of Tap to Phone technology.
Visa’s expanded on-ground presence demonstrates its support of the Qatari government’s digital commerce agenda, and commitment to working with local banks, businesses and fintechs to design and deliver the payment options consumers in Qatar seek.
The inaugural ceremony was hosted by Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for Visa, GCC, Shashank Singh, Visa’s VP and General Manager for Qatar and Kuwait, and Dr. Sudheer Nair, Visa’s Country Manager for Qatar in the presence of Sheikh Ahmed bin Khaled Al-Thani, Assistant Governor, Financial Instruments and Payment Systems at Qatar Central Bank, and Natalie Baker, Chargé d’Affaires (CDA), U.S. Embassy to Qatar.
Commenting on the launch, Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for Visa, GCC, said: "The new Visa office in Doha is a significant milestone as it represents our ongoing commitment to advancing Qatar’s cashless agenda, in addition to strengthening relationships with key local stakeholders including the government, financial institutions, fintechs and merchants. We are confident that growing our presence and workforce in Qatar will enable us to meet consumers' expectations for frictionless and secure payments and develop innovative payment solutions that address local merchant needs to thrive in the digital economy.”
Sheikh Ahmed bin Khaled Al-Thani, Assistant Governor, Financial Instruments and Payment Systems at Qatar Central Bank said: "We are delighted to see Visa increase its presence in Qatar with the opening of its new office in Doha. Qatar central bank recognizes the importance of collaboration with innovative companies like Visa to drive our shared mission of extending the benefits of the digital economy to more consumers and businesses in Qatar. We look forward to further strengthening our collaboration and exploring new possibilities in the years to come."
"As a strong advocate of increased investments from US companies in Qatar, the U.S. Embassy is thrilled to join the Qatar Central Bank in celebrating the inauguration of Visa's new office in Doha. We look forward to witnessing Visa's continued success in the region through collaborations with payments industry stakeholders including the local government as well as private and public-sector partners to build a robust and inclusive payment ecosystem in Qatar,” said Chargé d’Affaires (CDA) to Qatar, Natalie Baker.
The launch of Visa’s office in Doha follows a series of partnerships with leading Qatar financial institutions to launch innovative payment products including Tap to Phone, a low-cost acceptance solution for SMBs, contactless payments for bus and taxis, rewarding and secure digital payment products for Qatar consumers, and hosting the Visa Everywhere Initiative global finals.