Commercial Bank Launches Visa Commercial Pay for SMEs in Qatar

Commercial Bank has become the first bank in Qatar to introduce Visa Commercial Pay, a virtual payment platform aimed at enhancing the payment processes for Small and Medium-Sized Enterprises (SMEs). This innovative service is designed to streamline how businesses manage supplier payments and corporate expenses, marking a significant advancement in the banking sector.

Transforming B2B Payments

The launch of Visa Commercial Pay is a noteworthy step in revolutionizing business-to-business (B2B) payments in the region. This exclusive offering is available to Commercial Bank’s SME Visa business credit cardholders. It facilitates direct payments to suppliers’ accounts, showcasing the bank’s commitment to providing cutting-edge digital payment solutions for businesses in Qatar.

With a focus on security and automation, Visa Commercial Pay utilizes advanced virtual card technology to generate unique virtual account numbers for each transaction. This feature not only minimizes the risk of fraud but also grants finance teams greater control over payments. By addressing common business challenges, this platform aims to enhance operational efficiency.

Customizable Payment Solutions

SMEs utilizing Visa Commercial Pay can set tailored payment parameters, including merchant categories, geographic restrictions, and spending limits. All of this is managed through an intuitive digital portal, making the process user-friendly. The platform integrates seamlessly with existing systems and digital wallets, such as Apple Pay, enabling instantaneous and traceable payments along with detailed remittance information. Additionally, real-time dashboards provide businesses with strategic spend analytics and ensure compliance with financial policies.

Shahnawaz Rashid, Executive General Manager and Head of Retail Banking at Commercial Bank, emphasized the importance of optimizing cash flow and operations in Qatar’s expanding economy. He stated, “By replacing manual processes with intelligent automation through Visa Commercial Pay, we’re empowering businesses to reallocate resources from administrative tasks to growth initiatives.”

Shashank Singh, Visa’s Vice President and General Manager for Qatar and Kuwait, underscored the benefits of this new offering. He remarked, “The introduction of Visa Commercial Pay with Commercial Bank offers SMEs a more efficient and secure way to manage their payments and expenses. As we progress, we remain dedicated to working closely with Commercial Bank to further tailor our solutions to support the digital transformation of local businesses and the growing needs of Qatar’s digital economy.”

Visa Commercial Pay is now accessible to eligible SME clients, solidifying Commercial Bank’s commitment to delivering forward-thinking financial tools. Interested businesses can activate the service through their relationship manager, marking a significant step towards modernizing payment systems in Qatar.