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In a move that reinforces its commitment to financial innovation and inclusive digital finance, the Qatar Central Bank (QCB) has unveiled a new feature within the Qatar Mobile Payment (QMP) system—‘Multiple Wallets per Mobile Number’. This enhancement allows users to open and operate two mobile wallets tied to the same phone number but with different payment service providers (PSPs).
The announcement, made via QCB’s official X (formerly Twitter) account, aligns with the Third Financial Sector Strategy, part of Qatar’s broader roadmap for digital transformation in financial services.
The feature empowers users with greater flexibility and control by enabling them to designate a default wallet for incoming transfers, while also giving them the ability to switch preferences and manage wallets independently. This is expected to enhance user experience across various fintech platforms, stimulate healthy competition among service providers, and accelerate payment interoperability.
According to QCB, this initiative is a regulatory technology innovation aimed at fostering a more competitive and customer-centric payment ecosystem. It also demonstrates a progressive regulatory approach that balances innovation with compliance management and consumer protection.
By enabling multi-wallet functionality under a single mobile number, QCB is not only expanding the landscape of digital payment services but also paving the way for greater financial inclusion. The move is particularly relevant for underbanked populations and digital-first consumers seeking seamless, interoperable financial services.
This strategic enhancement also strengthens Qatar’s position as a regional leader in RegTech solutions and digital payment innovation, providing a scalable regulatory framework that other countries in Africa and beyond may look to emulate.
As mobile payment systems continue to evolve globally, QCB’s approach highlights the growing importance of regulatory intelligence and adaptive frameworks in building resilient, inclusive, and efficient digital economies.
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