Special Supplement Sunday 29 September 2019

bankingAhlibank gives its Credit Cardholders a chance to win back 100% of their dine-out expenses �P 02

Credit cards most popular banking product and revolutionising online payment system: QIIB �P 05

Commercial Bank continues to give its customers an outstanding contactless experience �P 07

ACTING MANAGING EDITORMohammed Salim Mohamed

EDITOR-IN-CHIEFDr. Khalid Mubarak Al-Shafi ADVERTISING COORDINATORS

Mohammad ShammasSUPPLEMENT EDITOR

Mohammad ShoebDESIGNAbraham Augusthy

Banks offer irresistible credit card packages

‘Innovation is the key to success of any busi-nesses’. It may sound cliché, but it has become

more relevant and effective today than perhaps any time in the past, especially for the banking sector, which is investing heavily on technology, innovation and product diversi-fication to remain competitive in the business.

With one of the highest level of smartphone penetration and high speed Internet services, Qatar, like many other advanced economies of the world, is becoming more and more digital every passing day. The techno-logical advancement is dis-rupting almost every industry, including the banking and financial services sector, which requires constant investment in technology, skill development and a more diversified revenue stream. But as we know every challenge also creates opportu-nities of growth and prosperity. Taking advantage of the digital revolution, the local banking sector, like any other sectors of the robust Qatari economy, is also leveraging on that

by diversifying their product portfolio and services. Banks are introducing attractive schemes and products keeping in view the fast changing consumer behaviour and customer requirements.

Banks in Qatar are focusing more on FinTech, robotic auto-mation, artificial intelligence (AI), cutting-edge security system for credit cards that come with great packages and attractive benefits. In fact banks are becoming increasingly more like tech firms, while the tech companies like Apple, Samsung, Google and others are trying to establish their foothold in the digital payment system.

With the fast growing number of Internet and mobile banking users, there is a steady decline in the number of people visiting bank branches, at least for traditional banking services like cash withdrawals and deposits. This major digital trans-formation, whether by default or choice, has compelled banks to come out with innovative ideas and solutions. They are intro-ducing new products and services with attractive benefits to serve their customers better. Credit card business has become one of the important revenue

streams for banks. As a result they are increasingly enhancing their focus on credit card business. Banks in Qatar are not only providing credit cards with some of the most attractive

packages, but they are also investing to make them more secure with additional security features.

Over the last few years almost every bank in Qatar, be

conventional or Shariah-com-pliant, have introduced several types of credit cards, debit cards and other types of innovative products offering great benefits and privileges to their respective

customers. They also launch several offers and schemes, pro-viding customers once in a life time opportunity to travel to their dream destinations or have windfall gains through attractive prizes and rewards.

For instance, in June this year Commercial Bank, one of the largest lenders in the country, launched an exclusive summer campaign for its Credit and Debit Card customers giving them an opportunity to win gold coins for their overseas spends done using their Commercial Bank card, which concluded recently.

The Bank’s “Golden” summer campaign 2019 introduced exceptional rewards on a monthly basis, along with grand prizes. As part of the “Golden” summer campaign included 180 lucky Commercial Bank card-holders with up to 1KG of Gold coins.

The eligibility criteria to enter the lucky draws was to simply use Commercial Bank’s Credit and Debit cards for inter-national purchases for a minimum spend value as men-tioned in the communication of the promotion. The campaign was launched on June 18 and was valid for 3 months, ending on September 15, 2019. �P6

Banks in Qatar have introduced several types of credit cards offering great benefits and privileges to customers. They also launch several offers and schemes, providing customers the opportunity to travel to their dream destinations or have windfall gains through attractive prizes and rewards.

PIC: SALIM MATRAMKOT/THE PENINSULA

MOHAMMAD SHOEB THE PENINSULA

02 SUNDAY 29 SEPTEMBER 2019banking

Ahlibank gives its Credit Cardholders a chance to win back 100% of their dine-out expenses

Ahlibank launched in 2019 a dine-out campaign for all Ahlibank Credit Cardholders with a headline: Everybody says “It’s on me!” We say “It’s on us!”

offering them a chance to win back their dine-out expenses for the rest of the year 2019 when paying with their Ahlibank Credit Card, up to a maximum amount of QR25,000. All point-of-sale and online

purchases using Ahlibank Credit Cards will qualify for the draw. A minimum total dine-out spend of QR2,500 is required to be eli-gible for each draw.

For every QR250 dine-out expenses paid with an Ahlibank Credit Card from March 3 till December 31, 2019, card-holders will earn three chances when paying abroad, 2 chances when paying for online transactions and 1 chance when paying in Qatar. First draw was held on

July 9, 2019 for two winners and the second draw will be held on January 9, 2020 for two winners.

This campaign is one of the many ben-efits available to customers holding an Ahl-ibank Credit Card, which includes the Pearl Rewards programme, a unique programme providing the flexibility to redeem earned points through our selected partners, in addition to the Easy Payment Plan that allows customers to buy anything from

electronics to jewellery, home furniture, travel and entertainment and repay in easy and convenient monthly installments.

Ahlibank is always seeking to reward customers and to provide them with value-added services when using their Ahlibank Credit Cards.

To learn more about Ahlibank’s Credit Cards, or to apply for one visit any Ahl-ibank branch or call the contact centre on 4420 5222 or visit www.ahlibank.com.qa

For every QR250 dine-out expenses paid with an Ahlibank Credit Card from March 3 till December 31, 2019, cardholders will earn three chances when paying abroad, 2 chances when paying for online transactions and 1 chance when paying in Qatar.

Ahlibank is always seeking to reward customers and to provide them with value-added services when using their Ahlibank Credit Cards.

03SUNDAY 29 SEPTEMBER 2019 banking

04 SUNDAY 29 SEPTEMBER 2019banking

There are many advantages of credit cards if you are disciplined with your spending, pay your card balance off in full every month and understand

how credit cards work. If you are not disciplined and find your credit card too tempting, then you might be better off cutting it up. Credit cards can get you into financial trouble, particularly if you are an impulse buyer. And of course, if you already owe money on your credit card, then paying it off should be your top priority. If you do have the self-dis-cipline to manage your spending, there can be some great advantages to using a credit card. Here are 12 ways credit cards can make your life easier.

1. REWARDS PROGRAMS

There are many credit cards that have great reward programs, but they need to work for you. There is no point overspending or buying things you don’t need just to get points. So, think about how you use your credit card and then choose which program would benefit you most. You can spend credit card rewards points on all sorts of things, from flights and car hires to petrol and grocery shopping.

Also, check if there is an annual fee for the card. Sometimes these can be paid for with points but you need to make sure you would earn enough points in the year to pay off the fee and get something with the leftover points.

2. FREQUENT FLYER MILES

If your lifestyle is one that involves a lot of travel and time spent in airport lounges, then a Frequent Flyer credit card might be the right option for you. These cards are very similar to rewards cards in that you earn points by making purchases, but they are made with the purpose of spending said points on flights, lounges and concierge services. You can also spend points to upgrade your existing economy seat to business and first class.

However, if you like spending points on things like gift cards and everyday stuff, then a Frequent Flyer card probably isn’t right for you, as the rates for these purchases tend to be compar-atively poor.

3. SIGNUP BONUSES

Many credit cards offer attractive bonuses that reward you for signing up with them, such as large amounts of bonus points, complimentary flights, low or nonexistent fees and other long-term perks, such as promotional and reduced interest rates.

However, not all cards with a signup bonus are good value, so you need to have a close look at the terms and con-ditions before applying. Chances are, there will be certain requirements that need to be met, such a minimum expenditure in the first few months. If these requirements are in line with your spending habits, then a credit card with a signup bonus can be excellent value.

4. CASHBACK

As opposed to Rewards cards, which earn you points for spending money on certain things, cashback cards pay the money back into your account. These cards will save you money based on your monthly expenses, and the amount you’ll get back will depend on the credit card’s cashback rate. Depending on where you shop, certain places will even give higher rates for certain purchases during bonus periods.

5. COMPLIMENTARY TRAVEL INSURANCE

Most credit cards come with a number of consumer protections, including rental car insurance, purchase protection insurance, extended warranty insurance and even travel insurance. These complementary extras can save you a great deal of time and money as well as peace of mind, so it might be worth looking for credit cards that offer travel insurance.

6. PRICE PROTECTION INSURANCE AND PURCHASE PROTECTION INSURANCE

As well as travel insurance, popular features that come with credit cards are price protection insurance and purchase protection insurance. Price protection insurance is a form of insurance that, if you can show proof, will pay the difference to your credit card account if a product you bought has dropped in price.

Purchase protection insurance, on the other hand, covers new items that

you buy against theft and accidental damage for up to six months from the date of purchase. So say, for example, if you buy a new iPhone and drop it in the sink, you can make a claim for the amount that it cost so you can buy yourself a new one.

7. FRAUD PROTECTION

With the wealth of scams and phishing attacks that are occurring today, it is reassuring to know that the vast majority of credit cards on the market cover security and fraud pro-tection, keeping your money safe from fraudulent purchases.

For example, Visa credit cards have the ‘Verified by Visa’ technology in them, which instantly monitors your account for suspicious purchases. If your card is used fraudulently, you can simply notify your credit card company. Doing so means you won’t have to pay for that transaction while they sort out a new card for you.

8. CONVENIENT AND SAFE ONLINE SHOPPING

Not only are credit cards convenient to use for daily point-of-purchase shopping, but they’re also much easier to use online. Most credit cards now come with several layers of security and fraud protection, so you’re at little risk of losing your money when making online purchases. Most sites also give the added benefit of saving your credit card details. If you’re using a reputable website that you trust, this can be a great way to save time on future shops.

9. LESS CASH ON HAND

We are fast becoming a cashless society, and credit cards – with the help of digital wallet technology in smart-phones – are more popular than ever. Credit cards are not only a more con-venient payment option for a lot of people, but they are also safer; a credit card can be quickly cancelled if it is stolen. Cash can never be retrieved if you lose it, unless you’re lucky enough to find it again.

10. WORKS IN ANY CURRENCY

You can take your credit card with you overseas in order to make pur-chases in a foreign country; you will be charged a relatively minor currency conversion fee in the meantime. There are even some cards that don’t charge a currency conversion fee in certain stores and countries. Travel credit cards are a popular way to spend money overseas, and good ones offer strong exchange rates, concierge services and pre-authorisations for hotel bookings, among other benefits.

11. NEAR UNIVERSAL ACCEPTANCE

If you are travelling overseas, then having a credit card can be a safer way to travel and make purchases. Not all debit cards are universally accepted, whereas credit cards have near-uni-versal acceptance around the world. It’s always a good idea to take some cash with you, and a backup card as well, just in case!

12. BUILD YOUR CREDIT SCORE

Having a credit card can help you to build up your credit history and a credit rating – if you make sure you pay off the balance in full every month and keep your spending at a low level. A good credit score will make it much easier and less stressful to apply for various types of loans in the future, such as car loans and home loans, so practising good repayment habits with a credit card can be a good way to build a positive credit score.

How to improve your credit rating: Ensure that you use it wisely though, so that the value it adds to your credit rating is positive. If you miss a few minimum monthly repayments, this will be a serious black mark on your credit history.

13. INTEREST-FREE DAYS

The final benefit you can get from using a credit card is the number of interest-free days on offer. To obtain the full amount of interest-free days, you need to pay off your balance for the current and previous month’s statement. Interest-free days can also be very effective when combined with some of the other benefits. For example, you can earn rewards points or get cash back on purchases made that won’t charge you any interest, giving you an even better return than usual.

If you have good self-discipline and don’t spend more than you earn, then a credit card can be a useful financial tool that you can use to your advantage.

13 benefits of using a credit card

Some smart ways to use your credit cardLANI ROSE R DIZON THE PENINSULA

With growing awareness on financial lit-eracy, especially

among millennials, a growing number of adults now con-sider high credit card debt to be a huge red flag in a potential partner. A number of residents in Doha say they would reconsider a potential relationship, if the prospective partner is struggling with overwhelming financial debt.

Talking to The Peninsula recently, Jen Arellano, a pro-curement assistant in Doha, said: “Having huge credit card debt is a big turn off. Because it reflects how he stewards his resources. Especially for a man, it’s very important for him to be financially stable first before he seeks a potential partner. If as a single, he’s already showing signs of financial irresponsi-bility, how can I be sure that he won’t carry the same habits in marriage. As a family man, he won’t have the luxury to only worry about his self, he has to be responsible for the family’s financial stability as well. So, if he really wants to pursue me, he has to settle his financial debts first”.

Jen has been a credit card

user in Doha since 2007 and has never reached her credit limit. She says she’s being intentional about her credit card usage. “It has been really useful to me especially during emergencies, on my online purchases, as well as when travelling overseas. But I make sure that I settle the balance on or before the due date,” she added.

Reynan Romero, a pur-chaser who has been working in Doha for the last nine years, is a committed financial lit-eracy advocate. While he believes that a credit card is useful particularly for its security and convenience fea-tures, he says a woman needs discipline and self-control to manage her debt well and maintain a healthy credit card score.

He added: “Having huge credit card debt is definitely a red flag when considering a potential partner. It could indicate that a woman habit-ually spends beyond her means or she might be materialistic. It is an important factor to con-sider when choosing a partner, especially when a man is already planning to settle down with a family. The way she handles her finances now somehow reflects how she would manage our budget in the future.

“And we might end up with huge debts if she keeps these habits. Having high credit card debt won’t be enough reason for me to completely dismiss a pos-sible relationship with a woman if I am already closely attached to her. But if we’re just meeting for the first time or are just mere acquaintances, and then she has high credit card debts, it is def-initely a deal breaker for me”.

Jen’s and Reynan’s senti-ments resonate with other single young adults in Doha and beyond. A Finder.com’s survey which was conducted by global research firm Pureprofile showed that credit card debt is the most unacceptable type of

debt in a potential partner. Creditcards.com reported

that out of the 2,000 adults surveyed in the United States, almost 6 in every 10 respondents said they were most turned off by credit card debt, which they consider a major strike against a potential romantic partner.

If having high credit card debt sabotages your romantic aspirations in life, here are some smart ways to use your credit card, as advised by the Australian Securities & Invest-ments Commission’s (ASIC’s) Money Smart Financial Guide.

1.Keep track of your spending: It can be very easy to

rack up more debt on your card than you can afford to repay, so it’s important to stay in control. The best way to do this is to keep track of your spending.

2. Pay your credit card on time: When you get your credit card statement, check the date the payment is due, and make sure you pay on time. This will help you avoid extra interest charges or hefty late payment fees. To make it easier to pay on time, consider setting up a direct debit to pay a fixed amount off the balance owing each payday. Just make sure these payment cover at least the minimum monthly payment due on the card.

3. Maximise your credit card repayments: If you only make the minimum repayments on your card each month, you’ll pay a lot of interest and it could take years to pay off your credit card debt. If you’re struggling to pay more than the minimum monthly repayment, consider switching to a card with a lower interest rate, and pay off more when you can. If you switch, make sure to close the old card so you don’t wind up with more debt.

4. Set a sensible credit limit: Your credit limit should be an amount you know you can repay, and one that won’t tempt you to spend more than you can afford.

5. Don’t use credit to make ends meet: If an unexpected emergency happens, or if you’re just running low on cash before payday, using credit or taking a cash advance is not going to work for you in the long run. It might get you through the immediate crisis but, over time, you’ll end up with even more debt. Building an emergency fund is a more sustainable way that will see you through life’s rainy days.

6. Check your credit card statement: The best way to check your monthly statement is to keep all of your credit card receipts each month, then tick them off against the charges on your statement.

This will help you check that you have been charged the right amount for the things you bought, and that you haven’t been charged for anything you did not buy.

Some things you should look for when checking your credit card statement:

a. Charges by companies you do not recognise.

b. Large or unusual charges. c. Changes in direct debit

amounts. d. Duplicate charges. If there are any transac-

tions you didn’t make, contact your credit card pro-vider immediately.

There are many credit cards that have great reward programs, but they need to work for you. There is no point overspending or buying things you don’t need just to get points. So, think about how you use your credit card and then choose which program would benefit you most.

Credit cards most popular banking product and revolutionising online payment system: QIIB

MOHAMMAD SHOEB THE PENINSULA

Credit Card products, which have revolutionised the online payment system all over the world, including Qatar, have become of one of the most popular services and revenue streams of banks, said a senior official of QIIB, Qatar’s first sha-riah-compliant lender to issue the contactless Credit and Debit Card payment system.

“Credit Card products are one of the most popular banking products, providing customers with the convenience of cashless payments. Credit cards have rev-olutionized the world of payment. Credit Cards also provide another form of payment for e-commerce transactions,” Omar Abdulaziz Al Meer, Chief of Business Devel-opment at QIIB, told The Peninsula in an interview.

Al Meer added: “QIIB was the first Islamic Bank in Qatar to launch contactless Credit and

Debit Cards. Payment can be made by simply tapping your card, without the need to insert your card into the POS (point of sale) device.”

Commenting on the various types of QIIB credit cards and the benefits, he said that QIIB has established partnerships with two prominent payment service pro-viders (Visa and Mastercard). QIIB offers a variety of cards to suit the needs of our customers. The Bank currently has three Credit Card tiers, namely, Visa Infinite

by QIIB Wajaha, Visa Signature by QIIB Deyafa, Platinum by Mas-terCard. Offering specially tai-lored to suit our customers’ indi-vidual needs.

Asked about the popular trend among customers, and the kind of products and services customers demand for, Al Meer said: “We have witnessed increased popularity in modern services (alternative channels). Customers are keen to manage their accounts through innovative mobile application.”

05SUNDAY 29 SEPTEMBER 2019 banking

Omar Abdulaziz Al Meer, Chief of Business Development at QIIB

QIIB was the first Islamic Bank in Qatar to launch contact-less Credit and Debit Cards. Payment can be made by simply tapping your card, without the need to insert your card into the POS (point of sale) device.”

QIIB has established partnerships with two prominent payment service providers (Visa and Mastercard). QIIB offers a variety of cards to suit the needs of our customers.

06 SUNDAY 29 SEPTEMBER 2019banking

Digital wallets can be considered the future of b r i c k - a n d -mortar pay-ments. A digital

wallet allows consumers to store all of their credit cards directly on their phone, securely, and makes them available for use at the point of transaction. Using this technology offers conven-ience and often the ability to save money, too.

Digital wallets give you the option to leave your cash and cards at home, but what’s the right (and wrong) way to use this virtual convenience? Consider these five tips for helping to ensure you’re being financially savvy when paying with your mobile device.

1. USE YOUR MOBILE CREDIT CARDS WISELY

While not all cards are cur-rently accepted for use with a wallet like Apple Pay — and not all merchants are set up to accept digital wallets for payment — Laurence Cooke, mobile technology expert and founder and CEO of nanopay, doesn’t expect that to be the case for long. “Digital wallets will eventually store general purpose credit, debit and prepaid cards, as well as merchant-specific credit and gift cards. You will see broad acceptance over the new few years,” he says.

But, with that in mind, the adage “just because you can, doesn’t mean you should” has bearing when it comes to digital wallets. If some of your cards have excessively high interest rates — or if mobile credit access will tempt you to develop or continue a habit of overspending — consider leaving them out of your

digital wallet altogether.

2. CHOOSE YOUR DEFAULT CARD CAREFULLY

With smartphone ownership having reached 84 percent among US adults in 2018, the pool of potential digital wallet users continues to grow. According to research from Mercator Advisory Group, “as users gain familiarity with mobile payments, they tend to use them more often and in more places”. Consumers also are attracted to digital wallets that offer enhanced rewards, in addition to convenience.

Yet, the adage “just because you can, doesn’t mean you should” has bearing when it comes to digital wallets. If some of your cards have excessively high interest rates — or if mobile credit access will tempt you to develop or continue a habit of overspending — leave them out of your digital wallet altogether.

3. STORE MULTIPLE CREDIT CARDS TO MAXIMISE REWARDS

Perhaps the greatest benefit of learning how to use a digital wallet is the ability to store all of your credit cards directly on your phone. Not only does this mean not carrying around a swollen wallet, but it also allows you to easily access the credit card that will, for example, earn you the most rewards on a given transaction.

Say you’re in the checkout line at the supermarket using your physical wallet, but can’t seem to find the card that earns extra cash back on groceries. Instead, you opt to use whatever physical card is readily available. This situation repre-sents a missed opportunity to save money. If all of your cards

were stored in a digital wallet, it might have been easier for you to find the card and earn the extra cash back.

4. PRACTICE HOW TO NAVIGATE YOUR DIGITAL WALLET’S FEATURES

Some credit cards include the opportunity to earn addi-tional rewards for purchases at specific times of the year. Others may offer money-saving discounts when you use the card to buy from certain merchants.

Digital wallets, typically offer you options for selecting among the cards in your digital wallet — whether that means changing the default card or removing a card — by going into your smartphone settings. To make the most of your card rewards and discount opportu-nities, practice how to select cards in your digital wallet before you’re standing at the point of sale. The more con-fident you feel about the fea-tures and navigation of your digital wallet, the less likely it is that you’ll feel too hurried to choose the card you want to use in a busy checkout line.

5. DON’T ABANDON YOUR GOOD FINANCIAL HABITS

Digital wallets change the way you pay, but they shouldn’t impact the financial habits you’ve already established that help you live within a budget.

Although you’ll point your mobile device to pay instead of using a plastic card, the rest of the transaction remains familiar.

If the card accounts in your digital wallet are linked with a budgeting app, you’ll see the transactions posted there, too. Check in with your financial and credit card accounts frequently to ensure that you know what you’ve spent and to verify that purchase amounts are accurate.

In its review of budgeting and personal finance apps for 2019, NerdWallet recommends YNAB (You Need a Budget) as the “best budgeting app for hands-on users”. Because the app has the ability to sync across several plat-forms in real time, you — and anyone you may share a budget with — can maintain a real-time view of purchases, whether they’re made from online banking platforms, with a physical card, or from your shiny new digital wallet.

As you look for the best ways to manage your financial life, digital wallet technology is some-thing worth checking out. Adding credit cards to your mobile wallet is easy, often requiring you simply to enter the card number and expi-ration date — not much more effort than it takes to present a physical card at the point of sale. You may find you gain a whole new world of convenience and security, all from the comfort of your phone.

www.discover.com

Tips for using your digital wallet responsibly

Banks offer irresistible credit card packages with great benefits and privileges

FROM PAGE 1“Every summer, our Cards

team deploys unparalleled efforts to deliver high-end rewarding campaigns to our valued cus-tomers. Given that we are known for boasting best-in-class cards, we aim to drive excitement and ensure that our customers have enjoyed an unforgettable summer,” Roya Khajeh, AGM, Head of Cards and Payments at Commercial Bank said. She added: “Through this campaign, we are inviting our Commercial Bank Credit and Debit cardholders to spend a golden summer - literally - with Commercial Bank!”

Credit card business is understandably one of the major focus areas of the Commercial Bank. The Bank has introduced nearly half-a dozen credit card packages with different names such as Limited Edition Credit Card Package, Sadara Credit Card Package, Platinum Package and Titanium Package among others. These cards carry a lot of benefits and privileges for the card holders.

For instance its invitation-only ‘Limited Edition Credit Card’ is an elite package containing a Diners Club Black, World Mas-terCard Credit Card and a Limited Edition Rewards Pro-gramme. Each time a card holder uses his credit cards he earns points, which are redeemable to

buy some of the world’s most luxurious products.

A Limited Edition customers also have VIP access to some of the most highly sought after red carpet events that are not available to the general public. These include: Cannes Film Festival, the Grammy’s and Oscars and the FIFA World Cup. This card holders also enjoy some of the world’s most pres-tigious rewards and privileges that include: The use of private jets, luxury hotel offers in the most desirable destinations, international shopping experi-ences. The Limited Edition

Credit Card is offered free for the first year with an annual renewal fee of QR1,000,

according to online information available on the bank’s official website.

Similarly QIIB, one of the leading Islamic banks in Qatar, also offer nearly four types of credit cards such as Deyafa - Sig-nature and Wajaha - Infinite.

QIIB’s Deyafa package is the first unique business class banking package in Qatar that offers a modern banking needs and lifestyle. Some of the key benefits include a Debit card (ATM card) of Visa Platinum type that offers higher withdrawal and purchase limits; a Visa Sig-nature credit card; One QIIB Point for every purchase of QR6.99; access to more than 750 airport lounges locally and

internationally; discounts and special offers from more than 100 local and international partners.

While customers opting for QIIB’s Wajaha package, can enjoy the first class banking package Qatar that offers “a beyond expected banking and lifestyle”.

The key benefits of QIIB Wajaha Credit Card (Visa Infinite) include One QIIB Points for purchase of every QR3.99; access to more than 750 airport lounges locally and interna-tionally; fast track via QIIB branches network and many other benefits.

QIIB’s Deyafa package is the first unique business class banking package in Qatar that offers a modern banking needs and lifestyle. Some of the key benefits include a Debit card (ATM card) of Visa Platinum type that offers higher withdrawal and purchase limits; a Visa Signature credit card; One QIIB Point for every purchase of QR6.99; access to more than 750 airport lounges locally and internationally; dis-counts and special offers from more than 100 local and international partners.

If you have a smartphone, you probably have a digital wallet waiting to be

downloaded or discovered among your existing apps. It’s an electronic ticket

to a world of financial convenience, security and efficiency like you may

have never experienced before. This payment method has been growing

over the past few years, as numerous tech companies have introduced them

to the marketplace, with names such as Apple Pay, Google Pay, Samsung Pay,

Microsoft Wallet and many others. Most of these digital wallets work with the help

of a technology known as Near Field Communication or NFC, and have also begun to

integrate with check-out in mobile apps and e-commerce websites. Here are 8 reasons

to begin using a digital wallet:

1. CONVENIENCE: In mere seconds, you can complete a transaction using

a digital wallet with a tap or wave of the smartphone at the checkout

terminal.

2. EFFICIENCY: No more digging in your purse or wallet for the right card.

Plus, as more consumers adopt this technology, checkout lines could become

shorter due to the speedy nature of the transactions.

3. LESS LUGGING ITEMS AROUND: If you’re like most people, your phone is

always with you. If you can store your payment cards in a digital wallet, you can pay

at accepting stores without needing to carry your physical wallet with you — meaning

one less item to carry.

4. ORGANISATION: A digital wallet can help you organise everything from

credit cards, membership cards, customer loyalty cards and more.

5. ENHANCED SECURITY: Unlike your regular wallet, your phone has con-

trols available — should you turn them on — that will allow only you to get in. If

someone finds your wallet, your cards are all right there. But if someone finds

your phone, they can’t just physically reach into it and pull out a credit card.

6. NO MORE PESKY FORMS: Have you ever quit an online transaction

because the forms you were filling out were too long and onerous? Digital wallets

enable you to skip some of this form-filling.

7. DISCOUNTS AND BONUSES: You’ll often find promotions and point rewards

systems in your digital wallet, and you can access the information at-a-glance.

8. COSTS: Digital wallets typically offer all of this convenience for free.

Some transactions, however, could come with a flat fee. But, for most transac-

tions, the convenience and simplicity of a digital wallet will not cost anything

additional.

Eight reasons to use digital wallet

07SUNDAY 29 SEPTEMBER 2019 banking

Commercial Bank continues to give its customers an outstanding contactless experienceTHE PENINSULA DOHA

Since the launch of the contactless cards in 2018, Commercial Bank, Qatar’s first private bank, has been witnessing an increased number of customers

adopting this new, simple and fast technology, while steering away from cash to Contactless Debit and Credit Cards. The bank has success-fully reached 2 million contactless transactions done since launch, over 400k contactless cards issued, and close to 8000 contactless POS ter-minals installed.

Contactless cards are a fast, secure and an extremely convenient way of making payments.

The bank’s successful partnership with Visa, MasterCard and leading retailers clearly dem-onstrates Commercial Bank’s capabilities in implementing new technologies.

Commercial Bank contactless cards are packed with technology and have been crea-tively redesigned to feature new and vibrant designs. The bank’s comprehensive contactless payment ecosystem represents another “first” brought to market by Commercial Bank, and clearly demonstrate the bank’s leadership in terms of innovation and technology in Qatar’s banking industry.

The pace of innovation and technological change in the payments industry is acceler-ating fast, and Commercial Bank is staying at

the front of this change. Following contactless Credit and Debit Cards, the bank will continue to launch new products and services which will take digital banking to a new level.

Tap N’ Pay, a contactless payment service provided by Commercial Bank, is a much simpler, faster and convenient method of payment by merely tapping debit or credit card against the reader in order to complete pay-ments and transactions. What makes this feature even more exceptional is that it does not require the Card PIN for purchases worth less than QR100. Nevertheless, a PIN Code is required whenever the amount exceeds QR100. Not only is it simple, fast and convenient, but Tap N’ Pay is also a safe payment method thanks

to the multiple security layers the Contactless Cards are equipped with.

Contactless is the future of card payment, and it is a delight to see how interested cus-tomers are in this technology. The bank measures its success by watching this number increase day after day.

Contactless cards are a stepping stone to many other payment innovations that will make payment for goods and services more techno-logically advanced, convenient and secure. Being one of the most innovative payment solution providers in Qatar, Commercial Bank has already embarked on a journey to contin-ually give its customers more state of art payment options in the near future.

Co tact ess ca ds a e a ast, secu e a d aextremely convenient way of making payments.

change in the payments industry is accelerating fast, and Commercial Bank is staying at

Not only is it simpTap N’ Pay is also a

Contactless cards are a fast, secure and an extremely convenient way of making payments. The bank’s successful partnership with Visa, MasterCard and leading retailers clearly demonstrates Commercial Bank’s capabilities in implementing new technologies.

Tap N’ Pay, a contactless payment service provided by Commercial Bank, is a much simpler, faster and convenient method of payment by merely tapping debit or credit card against the reader in order to complete payments and transactions.

08 SUNDAY 29 SEPTEMBER 2019banking