Commercial bank introduces a new payment service

by **claud39** Wed Feb 10, 2021 7:01 pm

Wednesday 10 February 2021

Commercial bank introduces a new payment service 20210210_1612981727-369

Commercial Bank announced the launch of a new digital feature, which allows the completion of innovative payments made available through smart watches and sports tracking devices.

With this new service, Commercial Bank adds another touchless payment feature to its digital solutions, allowing its customers to complete secure payment transactions using smart watches or sports tracking devices, without the need for a mobile phone or cards.

Very soon, Commercial Bank customers will be able to enjoy this innovative payment technology by registering their credit or debit cards from Commercial Bank in their smart watches or sports tracking devices using their device’s applications. Thus, they will be able to complete contactless payment transactions by passing their smartwatches over any payment device that supports this service.

Ruya Khaja, Assistant General Manager and Head of Cards and Payment Department at Commercial Bank, said: “Commercial Bank has always been a pioneer and pioneer in introducing new payment technologies in the Qatari market. In recent years, we have noticed a significant increase in the use of smart watches and wearable devices in Qatar, which prompted us to develop the contactless payment feature to include more devices. We are pleased to collaborate with Garmin and MasterCard to provide a safe and convenient payment option for our customers. We invite our customers at Commercial Bank to expect more information about this new product, which we will launch through a distinguished marketing campaign after completing the testing and evaluation phase of the service.

She added, “We are among the biggest supporters of the state’s vision of creating a society that does not deal with paper money. Therefore, we strive to provide innovative, appropriate and secure payment solutions to our customers and merchants. ”

On her part, said Nadia Al-Ghasassi, Regional Director of MasterCard for the State of Qatar, Kuwait, Iraq and Oman: “We are pleased to cooperate with Commercial Bank to launch a new payment method. In light of the widespread availability of contactless payment technologies, we have witnessed how the pandemic significantly boosted the number of users of this technology in the market.

https://alarab.qa/article/11/02/2021/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A-%D9%8A%D8%AA%D9%8A%D8%AD-%D8%AE%D8%AF%D9%85%D8%A9-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%84%D9%84%D8%AF%D9%81%D8%B9

by **claud39** Wed Feb 10, 2021 10:10 pm

[size=48]Mastercard Will Let Merchants Accept Payments in Crypto This Year[/size]

Feb 10, 2021

Commercial bank introduces a new payment service Mastercard-710x458

Commercial bank introduces a new payment service Mastercard-710x458

Mastercard is planning to give merchants the option to receive payments in cryptocurrency later this year.
According to a source familiar with the matter, the functionality will see Mastercard customers’ digital currency payments settled in crypto at participating merchants, a first for the financial giant. The company has not yet disclosed which digital currencies it intends to support, or where.
The details shed new light on CEO Michael Miebach’s Q4 pledge to integrate digital currency payments “directly on our network” in a move the new chief, helming his first earnings call on Jan. 28, said will provide maximal flexibility to customers and merchants alike.

Previously, Mastercard supported limited cryptocurrency transactions through its cryptocard partners Wirex and Uphold. But those programs only cover payment, not settlement; the coins are converted to fiat currency well before reaching the merchant.
The new initiative promises to upend that dynamic among the store owners and businesses who opt in. They will be able to conduct their business beyond the bounds of the fiat ecosystem, assuming, of course, their customers have crypto they’re willing to spend.
That’s hardly a safe bet given the buy-and-hold mantra pervading the world’s largest cryptocurrency. The source pointed out most bitcoin (BTC, -3.2%)

Instead, cryptos will be evaluated against Mastercard’s 2019 “Principles for Blockchain Partnerships” framework, the source said. Released in the wake of Mastercard’s Libra exit, the document placed emphasis on stability, consumer protection and regulatory compliance in vetting potential partners.
“Many of today’s 2,600 digital currencies today fail to do this,” Mastercard said at the time.
Relatively few merchants currently accept crypto, bitcoin or no. Tesla’s stated plans to sell cars for bitcoin remains a hypothetical. A widespread crypto economy is still far from reality.
Read more: Mastercard President Says Crypto Patents Will Pay Off When Central Bank Digital Currencies Arrive
But Mastercard has been laying the groundwork for that future through years of patents around the digital currency space. The company said it holds 89 blockchain patents and is waiting for approval on an additional 285 around the world.
In the U.S. those filings have included: methods to keep crypto transactions private, on-chain credit card payment verification, instant blockchain payment processing and how to handle crypto refunds, among others.
Mastercard first filed a patent for handling bitcoin payments in 2013 but abandoned that effort in 2015. It began hiring a team of wallet developers and crypto veterans in 2019. The company now hosts a platform through which central banks can test digital currencies.

The payments space is rushing to support blockchain-based currencies at a pace not seen since Bitcoin pioneered the concept of stateless, peer-to-peer immutable transactions in 2009. PayPal intends to roll out bitcoin payment functionality later this year. Visa’s CEO said the rival company may add crypto payments in the future.
https://www.coindesk.com/mastercard-accepts-crypto-payments?fbclid=IwAR09ToDz95snICFaP6V3GhWm0pq6StHVGhCfhOBO_WBl6TyQkYUyeSn7SEI