Doha Bank in Qatar has officially introduced Visa Commercial Pay.
Doha Bank, which claims to be one of the largest private commercial banks in Qatar is reportedly set to become the first banking platform in the market to launch Visa Commercial Pay (VCP) and the first bank in the CEMEA region to launch the VCP-Mobile Module, with assistance from Visa for its Corporate Credit Card clients.
According to the announcement, this latest update aligns or is consistent with the Qatari Government’s goal of digitalizing payments, improving electronic banking services, and enabling the shift towards a more cashless and digital society.
Dimitrios Kokosioulis, Deputy Chief Executive Officer, Doha Bank, expressed enthusiasm about improving the banking platform’s corporate payment solutions with assistance from Visa.
“These solutions aim to streamline payments for our corporate clients while augmenting security measures. Our strategic alliance with VISA has enabled us to roll out tailored solutions for our corporate clientele. The launch of the Doha Bank Visa Virtual Corporate & Purchasing Card on the Visa Commercial Pay reflects our dedication to this longstanding partnership with Visa and our commitment to addressing the evolving payment needs of our economy.”
With this latest launch, Doha Bank claims that is well-positioned to address the fast-growing demand from larger corporations, align with the government’s objective to fully digitize all cash-related monetary transactions, and solidify key relationships with their corporate and business clients.
As noted in the update, Visa Commercial Pay will now aim to boost cash flow, eliminate antiquated manual processes, and offer a seamless business spend solution.
It also streamlines the overall payment management, along with automates reconciliation, and securely delivers virtual card payment details via an intuitive / user-friendly interface.
The Virtual Corporate Credit & Purchasing Card leverages tokenization tech in order to replace the actual card number with a unique token during transactions.
According to the announcement, this particular feature boosts security and enables payments to suppliers and vendors via various online platforms, mobile apps or digital wallets such as Apple Pay / Google Wallet.
Shashank Singh, Visa’s VP and General Manager for Qatar and Kuwait, added:
“Our partnership with Doha Bank stands as a testament to our commitment to fostering digital innovation in the financial sector. The introduction of Visa Commercial Pay marks a paradigm shift in how businesses manage payments, setting a new standard for convenience and security. As we progress, we remain dedicated to working closely with Doha Bank to further tailor our services to meet the growing needs of the local economy.”