Doha: Commercial Bank is once again leading the way in reshaping the banking experience for customers, with the launch of Qatar’s first card payment acceptance solution, the ‘CB VPOS for Merchants”.
“CB VPOS for Merchants” is a mobile solution that converts an Android mobile phone into a point-of-sale terminal that allows merchant customers to accept contactless card payments in a safe, simple and convenient way without the need for additional hardware.
While this new digital payment solution will be available to all merchants, Commercial Bank is looking to help increase card acceptance in cash-intensive businesses such as small merchants, registered home businesses, small micro- merchants, grocery stores, cafes and many more. . At checkout, the merchant will simply prompt the customer to use their contactless credit or debit card, or any other digital wallet or phone on the merchant’s CB VPOS, and payment will be made securely through communication technology in near field “NFC”.
Commenting on the launch, Amit Sah, EGM Retail Banking said, “The CB VPOS for Merchants solution is part of Commercial Bank’s ongoing innovation journey to increase card acceptance in the country, especially during the World Cup. of FIFA.
Roya Khajeh, AGM and Head of Cards and Payments, added: “This service, the first of its kind, aims to give merchants who do business ‘on the go’ as well as cash-dominant businesses such as small merchants and registered home businesses, by equipping it with a payment acceptance solution that is highly cost effective as it eliminates the need for a traditional point of sale device.”
This innovative contactless payment technology is helping to steer the Commercial Bank towards supporting the government’s vision of becoming a cashless society and the reach of acceptance created will also contribute to financial inclusion.
Furthermore, it is seen as another important step in serving the Bank’s strategy towards sustainability by providing paperless payment solutions. The year 2021 has seen the acceleration of sustainability on the global agenda, notably with the organization of COP26 and, closer to home, the launch of Qatar’s national strategy on the environment and climate change. . With these developments in mind, Commercial Bank recognizes that it must continue to drive meaningful change as part of its sustainability journey.