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Doha Bank, a leading private commercial bank in Qatar, has become the first in the market to officially launch Visa Commercial Pay (VCP). This milestone also positions the bank as the first institution in the Central and Eastern Europe, Middle East, and Africa (CEMEA) region to introduce the VCP-Mobile Module, in partnership with Visa, catering to its Corporate Credit Card clients.
This initiative aligns with Qatar’s national vision of advancing digital payments, promoting electronic banking services, and accelerating the transition to a cashless economy.
Enhancing Corporate Payment Solutions
Mr. Dimitrios Kokosioulis, Deputy Chief Executive Officer at Doha Bank, highlighted the bank’s commitment to transforming corporate payment systems. “Through our partnership with Visa, we are providing innovative solutions that simplify payment processes while enhancing security for our corporate clients. The launch of the Doha Bank Visa Virtual Corporate & Purchasing Card on the Visa Commercial Pay platform demonstrates our dedication to meeting the evolving needs of businesses and supporting the Qatari Government’s digitalization agenda,” he stated.
Key Benefits of Visa Commercial Pay
The introduction of Visa Commercial Pay offers a host of advantages tailored to large corporations and business clients:
- Streamlined Cash Flow Management: Enhances liquidity while automating payment processes.
- Efficient Reconciliation: Simplifies financial management by automating transaction matching.
- Enhanced Security: Utilizes tokenization technology to replace actual card numbers with unique tokens, reducing the risk of fraud.
- Seamless Integration: Supports payments via online platforms, mobile apps, and digital wallets, including Apple Pay and Google Wallet.
This solution eliminates outdated manual processes and delivers a comprehensive platform for business spending, ensuring an intuitive, secure, and efficient experience.
Strengthening Partnerships for Digital Innovation
Visa’s Vice President and General Manager for Qatar and Kuwait, Mr. Shashank Singh, emphasized the significance of this collaboration:
“Our partnership with Doha Bank underscores our shared commitment to driving digital innovation in the financial sector. Visa Commercial Pay represents a transformative shift in business payment management, offering unparalleled convenience and security. We look forward to working closely with Doha Bank to continue tailoring our services to meet the growing demands of the local economy.”
A Step Toward a Cashless Future
With this launch, Doha Bank is strategically positioned to address the increasing demand for digital payment solutions. By fostering strong corporate relationships and aligning with the Qatari Government’s objectives, the bank reinforces its role as a key player in advancing financial innovation across the region.
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