Doha Bank hosted a virtual client session on the theme “Future of Payments” on 25th August 2021. The Speakers at the event include Mr. Nauman Gul, CEO, Twyla Technology, Mr. Abdulmohsin Abdulla AlYafei- COO & Co- founder, C- Wallet and Mr. Suruj Dutta, Partner and Leaders for Payments and Services, E&Y.

Mr. Shareef El Baba, Deputy Head of Retail Banking, Doha Bank opened the webinar by informing the audience on the agenda and introducing the speakers.

Dr. R. Seetharaman, CEO of Doha Bank Spoke on “The Future of Payments”. He gave insight on Global economies. He said “According to IMF July 2021, the global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022 respectively. Advanced economies growth is projected at 5.6 percent in 2021 and 4.4 percent in 2022 respectively. Emerging and developing economies is projected at 6.3 percent in 2021 and 5.2 percent in 2022.”

Dr. R. Seetharaman gave insight on payment industry. He said “ The digital transformation which happened as a result of the COVID-19 pandemic made the payments systems of today even more relevant as an increasing volume of consumers started buying online. Among other technology trends accelerated by the COVID-19 pandemic, the use of contactless mobile payments boomed in 2020.Increased Speed, Improved Security, Convenience, Better Customer Experience Promote Card and App Usage are the benefits of contactless payments.”

Dr. R. Seetharaman highlighted on payment industry on economies. He said “In 2023, Sweden will proudly become the first cashless nation in the world, with an economy that goes 100 percent digital. Data analytics is a catalyst for convergence, Big data algorithms enable greater convergence of lending and payments. Open banking is a gateway to new kinds of payments. The growth of payment solutions is a truly global phenomenon and will also contribute to financial inclusion.”

Mr. Nauman Gul – Twyla Technology CEO, started his presentation by giving some figures on millennials adoption to digital payments. Nauman also mentioned that Qatar has the highest penetration rate in the region, 52% of payments are still collected in cash where there is huge opportunity to decrease it and have it eliminated in the near future. He has also mentioned about innovative regulations and financial institutions need to change their legacy systems and invest on cost efficient infrastructure that will complement fintech expansion in the market.

Mr. Abdulmohsin Abdulla AlYafei – Cofounder and COO of CWALLET, showcased Qatar’s payment trends and how the company played major roles during the COVID pandemic. He also mentioned about C-Wallet product suite, how the company is providing different services to facilitate the payments for consumers and how they are planning to tie-up with local exchange houses to allow their customers to transfer money online to their home countries.

Mr. Suruj Dutta from EY, started his presentation by defining Future of Payments as Predictable, Personal, Pervasive and Prompt and he has highlighted the importance of Payments for Bank revenues and customer interactions. He has also highlighted that personalization of payments is increasing day by day due to consumers’ individual needs. Wallets played major rule on taking huge volume of cash & electronic payments from countries’ payment system which is a huge relief to companies as well as government sectors. Suruj also mentioned about Fintechs and how they are increasingly winning in B2B payments by providing vertical sector-specific solutions such as Tap & Pay, NFC payments and other services such as Invoicing (Payment Link) and installments.

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