e-commerce transactions grew 6.5% to QR3.4 billion in August

DOHA: The volume of e-commerce transactions reached 6.98 million in August 2024, with a value of QR 3.4 billion, representing a year-on-year increase in the value of online transactions of 6.5% and 28%, respectively, compared to August 2023 and 2022

E-commerce transaction volume in Qatar was 5.46 million and 4.51 million in August 2023 and 2022, respectively. Meanwhile, the number of point-of-sale (POS) transactions in the country also recorded an impressive increase in August this year, according to data from the Qatar Central Bank (QCB).

E-commerce is growing in popularity as more consumers expect the delivery of products and services to be digital, seamless and timely. Companies are racing to compete and join the e-commerce trend. In Qatar, the e-commerce market will show strong growth in the coming years, especially in the services sector.

Qatar’s e-commerce industry is poised for significant growth, with forecasts projecting a compound annual growth rate (CAGR) of 9.40 percent until 2028.

Revealing details of the total number of active cards in Qatar in August this year, the data showed that the number of active debit cards was 2,324,940. While in August 2024, the number of credit cards and prepaid cards was 731,514 and 712,870, respectively.

POS transactions were valued at QR6.94 billion in August 2024 compared to QR6.74 billion in the same month of 2023 and QR6.19 billion in August 2022, an increase of 7.8% respectively and 12.4%.

The volume of transactions at points of sale in August this year was 32.24 million, while in the same month last year it was 27.70 million, and in August 2022 24.022 million, which means an increase of 16.3%, respectively. and 34.22 percent

The number of point-of-sale devices in Qatar in August this year was 74,621, compared to 68,898 in the same month in 2023 and 53,241 in August 2022.

The PoS solution provides innovative, secure and highly efficient payment processing services as it supports contactless card transactions, eWallet, mobile PoS (mPOS), QR code scanner and online billing and settlement.

Qatar’s Third National Development Strategy (NDS3) is a catalyst for achieving sustainable growth, economic diversification and social development in Qatar’s next phase of development in 2024–2030.

NDS3 shows how fundamental widespread digital transformation is to economic success. This is clear from the key strategic country outcomes in SQF3, each of which requires digital support.

Driving for wider adoption of e-commerce contributes to economic development by providing consumers with a new, viable bridge to improving business efficiency, expanding trade and investment opportunities, and supporting innovation, diversity and competitiveness.

In line with the Third Financial Sector Strategy and as part of the development of the national digital payment infrastructure, QCB has launched the Himyan debit card. It is the first nationally registered trademark prepaid card in Qatar, available from banks and can be used at all points of sale, ATMs and e-commerce transactions in the country.

QCB also launched the innovative Fawran instant payments service, which aims to develop the digital payments ecosystem in the country.