Commercial Bank Launches Visa Commercial Pay for SMEs in Qatar

Doha, Qatar: Commercial Bank has announced the launch of Visa Commercial Pay (VCP), making it the first bank in Qatar to provide this innovative virtual payment platform for Small and Medium-Sized Enterprises (SMEs). This new service aims to significantly enhance how SMEs handle supplier payments and manage corporate expenses, marking a pivotal shift in the landscape of B2B payments in the region.

Transforming Payment Processes for SMEs

Visa Commercial Pay is exclusively available to Commercial Bank‘s SME Visa business credit cardholders. The platform facilitates direct payments to suppliers’ accounts, ensuring a secure and automated transaction process. This introduction reflects Commercial Bank’s ongoing dedication to pioneering digital payment solutions tailored for businesses in Qatar.

The Visa Commercial Pay system utilizes advanced virtual card technology to generate unique virtual account numbers for each transaction. This feature significantly mitigates the risk of fraud and provides finance teams with enhanced control over their payment processes. By employing this technology, SMEs can streamline their payment operations while maintaining rigorous oversight.

Key functionalities of the platform include customizable payment parameters, such as merchant categories, geographic restrictions, and spending limits, all of which can be managed through a user-friendly digital portal. Additionally, the service integrates seamlessly with existing systems and digital wallets, including Apple Pay, allowing for instant and traceable payments, along with comprehensive remittance information. Real-time dashboards further enable businesses to monitor strategic spending analytics and ensure compliance with internal policies.

Statements from Key Leaders

Shahnawaz Rashid, Executive General Manager and Head of Retail Banking at Commercial Bank, emphasized the importance of optimizing cash flow in Qatar’s rapidly 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, added, “The introduction of Visa Commercial Pay with Commercial Bank offers SMEs a more efficient and secure way to manage their payments and expenses. We remain dedicated to working closely with Commercial Bank to 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 available to eligible SME clients, reinforcing Commercial Bank‘s commitment to providing innovative financial tools that equip businesses for future challenges. Clients can activate the service through their relationship managers, marking a significant advancement in B2B payments within Qatar.