With the upgrades, financial inclusion will be simplified for the unbanked sector as well as Qatar visitors. That brings the bank’s strategy in line with the ambitions of the regulator in the country.
With the mobile collection services, a new and more secure way to pay becomes available, along with a better way to pay bills, transfer money and purchase goods from merchants when they can. The release says customers will be able to make instant local bill transfers or transfer money to someone else through QR code.
Personal banking accounts will be able to use these features on their mobile banking apps and will be able to purchase things from registered merchants.
And merchants will be able to access new ways to collect things on mobile by registering with the HSBC service. Because of that, corporates will gain access to new ways of buying things. Corporates will also have a way for customers to pay for online purchases with a wallet app rather than with a traditional method of payment like cash or a card.
“HSBC aims to be the bank in your pocket, and with the introduction of mobile payments and collections on our digital banking channels, we are another step closer to making banking services faster, easier and more secure,” said Abdul Hakeem Mostafawi, CEO of HSBC in Qatar. “Our digital strategy is all about improving customer experiences to suit our customers’ increasingly digital lives. The Qatar Central Bank is at the forefront of continuous investment in innovative digital banking services and an enabler of progressive change.”
HSBC also recently teamed with Walmart on a new program for making working capital more accessible.