13 December 2015
Doha, Qatar: QPAY, a Qatari company offering Made-In-Qatar electronic payment solutions for banks and MasterCard, have partnered to introduce Qatar's first Wage Protection System (WPS) salary card platform which complies with the Qatar Central Bank WPS payment regulations regarding low-wage immigrant laborers residing in Qatar.
QPAY brings to the market the lowest cost and most advanced WPS IBAN platform in the GCC region. QPAY solutions have been used in Qatar, GCC and foreign markets since 2001, and are offered to banks and financial institutions as white-labeled products with tremendous revenue share opportunities.
The QPAY secure cloud-based WPS IBAN platform is built for white-label or private label to banks, financial institutions, retailers and telecom organizations. Designed to help corporate clients comply with the latest labor payment laws by the Qatar Central Bank (QCB) and the Qatar Ministry of Labor & Social Services (QMLSS), the system is user-friendly, secure, robust, turn-key, and provides immigrant laborers a Qatari IBAN bank account. Most importantly, it is scalable to handle Qatar's flourishing SME sector as well as the low-wage laborers migrating to Qatar in order to work on major infrastructure projects in preparation for the Qatar 2022 World Cup.
"We have chosen MasterCard as our partner, thanks to its global market reach, and because it offers us the ability to design a local Qatari product that promotes laborer financial inclusion in Qatar as well as their home country. Laborer financial inclusion is very important to the Qatar Central Bank and QPAY; as a result, our partnership with MasterCard enables us to offer the best and most innovative product, for the lowest cost while maintaining full compliance with Qatari Government laws. Our partnership with MasterCard helped us design a WPS solution which defends the laborers' human rights and forces employers to pay laborers on time and in full, while promoting safe and secure electronic pay which aligns with Qatar's 2030 e-vision." Nebil Ben Aissa, CEO & Founder QPAY International said. "The QPAY platform, in partnership with MasterCard, customized to multiple banks, financial institutions enables corporates of various sizes to comply with the latest QCB WPS requirements, as well as the QMLSS Salary Information File (SIF) generation. We attacked a very complex problem, and delivered the lowest cost, most advanced WPS IBAN solution in Qatar and GCC; and we thank MasterCard for their trust and confidence in being a key ingredient in our platform."
Raghav Prasad, General Manager for Gulf Countries, MasterCard said: "We are thrilled to be collaborating with QPAY on the new salary cards. At MasterCard, we strongly believe financial inclusion is the foundation for economic growth that's more inclusive, equitable, and sustainable. By customizing our services, we are able to provide convenient payment solutions to suit the market requirements. From laborers to large corporations, MasterCard and QPAY have tailored the platform to suit different needs and provide workers in Qatar safe and simple salary payments. We are proud to be a part of this program and realizing our vision of promoting a world beyond cash."
With its partnership with MasterCard, QPAY now offers a new set of white labeled and convenient solutions for private label or white label to banks, financial institutions, exchange houses, telecom providers and retailers. QPAY is committed to innovation in secure electronic payments, and its main objective is to partake in building a secure and safe Qatari electronic payment ecosystem ready for the 2022 World Cup in Doha.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone.
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© Press Release 2015