Qtel launches mobile money network
Doha, October 18, 2011
The Qatar Telecom (Qtel) Group has launched its new Mobile Money Service which enables the customers to transfer funds to overseas destinations through its “mobile wallet” (mWallet) solution.
The Qtel Mobile Money service opens up a huge range of possibilities for customers and is as easy to use as a mobile phone, said a company statement.
With mWallet, the Qtel customers will be able to use their mobile phone accounts to save and send money, top up their credit, make payments and transfer airtime to friends, relatives, employees and partners, it stated.
The integrated solution provided by Sybase, EastNets and BICS will be easier, more cost-effective and more convenient than traditional remittance channels, the telecom firm said.
The new service is aimed at offering customers a safe, fast, and easy-to-use system through the mWallet, it added.
Following the launch in Qatar, the Qtel Group will roll out integrated mobile money services across the other key markets it serves, said a top official.
'The Qtel Group has made the launch of mobile money services across our operations a strategic priority, recognising the strong demand from our customers, and the important social benefits this service will provide,' remarked Dr Nassar Marafih, CEO of The Qtel Group.
'Mobile Money services provide access and security for a whole cross-section of the community that is under-served by traditional banking, and we aim to be a leader in the countries we serve,' he added.
The Qtel Group’s operations cover regions with a high number of residents and foreign workers, who regularly transfer a proportion of their salaries overseas to their home countries.
'As well as providing the Qtel Group with an important new revenue source, the provision of Mobile Money services will also have a demonstrable social impact,' Marafih remarked.
Customers will have greater security in sending money to friends and family overseas, as well as greater control over their spending at home,” he added.-TradeArabia News Service
More Finance & Capital Market Stories
- BMI launches new personal loan promotion
- Experts shed light on key Fatca legislation
- Saudi inflation plunges to four-year low
- UAE investment appetite 'strengthens' says expert
- Dubai mulls rule change to woo domiciled funds
- UAE, Abu Dhabi roll over $20bn of Dubai's debt
- Saudi can achieve 4.4pc growth this year
- Emaar listing of retail unit 'within months'
- Dubai Investments nets $29m profits
- Compliance officers facing diverse pressures, says study
- Abu Dhabi finance dept inks deal with Ajman
- Kuwait registers 8pc credit growth
- Bahrain Sico funds net solid returns
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014