Qatar National Bank witnesses a high level of customer acceptance

February 20, 2022

2 minutes read

Qatar National Bank witnesses a high level of customer acceptance

Doha: As a result of focusing on digital innovation as well as customer-centricity, Qatar National Bank (QNB) has seen a high level of customer acceptance of its digital channels. In Qatar, almost 93 per cent of QNB’s customers use its digital channels.

“This year, our focus in Qatar was on enhancing our omnichannel distribution mix, boosting self-service capacity, reducing the load on our physical network and upgrading the Bank’s ecosystem. As a result, more than 93 per cent of our customers in Qatar use our digital channels,” noted the ‘Annual Report 2021’ of Qatar National Bank.

Over the course of 2021, QNB saw a lot of growth in the cards market. Due to an increase in card acceptance, an increase in online sales, and the successful debut of Apple Pay in Qatar, this was made possible in part by the increasing popularity of the company’s digital upgrades and collaborations.

“The market was also buoyed by the gradual lifting of travel restrictions, increased domestic consumption, and improved consumer confidence. As a result, we saw a surge in growth in the cards business,” the report said.

37.5 per cent more credit cards were issued, while prepaid card use surged by 60 per cent. The use of debit cards increased by 16%, while the use of commercial cards increased by 89%.

There has been a lot of movement toward using debit cards instead of cash, which led to a 35% rise in debit card transactions. Cash use only rose 4%.

To make contactless payments more convenient and secure for its clients, QNBpay was established last year by the bank.

“Every one of the new cards we issue is enabled for contactless payment, and the number of contactless transactions continues to rise, with a growth of 37 per cent in contactless transactions, compared to 19 per cent last year,” it noted.

With the introduction of Fitbit Pay, Garmin Pay, and Apple Pay, Qatar National Bank led the market in launching the most convenient and safest payment options. Since Apple Pay’s introduction in August, more than 2.2 million transactions have been made using the service. This is on top of a total volume of approximately QR548 million, exhibiting significant customer acceptance of the latest digital payment methods.