QCB grants licenses to "Buy Now, Pay Later", urges companies to submit applications

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In a statement issued on Saturday August 5, the Qatar Central Bank provided instructions on the "Buy Now, Pay Later" (BNPL) service, urging companies willing to operate in the BNPL system to submit applications in order to receive the license from the bank.

The QCB further stated that it will receive the applications for licenses in September adding that all instructions related to the applications can be found in the QCB’s official website.

The decision was made to regularize the work of the BNPL service providers in Qatar and conforms to QCB’s constant endeavor to regularize and upgrade the financial sector in the country.

In July this year, the latest numbers released by the QCB showed a 14 percent growth in foreign reserves in June 2023, in comparison to the same month last year cementing the bank’s excellent initiatives in developing the financial sector in Qatar.

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