Posted on January 31, 2018

QPAY, Qatar’s largest FINTECH company offering Made-In-Qatar electronic payment solutions, has launched a major blockchain e-commerce initiative based on the Ethereum blockchain platform.

In partnership with Nexxo Network LLC – USA, QPAY has unveiled QPAY-SECURE, a suite of blockchain-based Decentralized Applications (D’APPS) and Application Programming Interfaces (APIs), which are built form the ground up based on the Ethereum Blockchain platform. The company has started its first test on the Ethereum Test Network and is preparing to officially launch in March. Blockchain technology enables banks and financial institutions to provide the highest security in payments processing with tamper-proof digital records, and facilitate complete and immutable records of fund transfers. Using blockchain in payments processing, banks can readily trace the entire sequence of Business to Business (B2B), Business to Consumer (B2C) and Consumer to Consumer (C2C) transaction fund transfers.

Highly secured, trusted, tamper-proof and trackable transactions are the main reasons why the financial services industry is rapidly exploring blockchain technology. “Implementing a blockchain-based payments platform is critical to our consumer and commercial clients. It is a clear signal from us that customer information is being handled securely and with trust,” said Mr. Nebil Ben Aissa (pictured), founder and CEO of QPAY.

“Furthermore, although QPAY is compliant with the latest industry security standards such as Payment Card Industry Data Security Standard (PCI DSS 3.22), we are still moving forward with blockchain security, as we believe that adding blockchain to our transaction platform will enhance our security when compared with standard SSL e-commerce transaction security. Blockchain is the future and it was paramount that we embrace it and invest in it,” Mr Ben Aissa added.

Mr. Naren Kannan Head of Disruptive Application Team at Nexxo Network LLC, said: “We are partnering with QPAY and implementing blockchain technology in order to help build QPAY-SECURE; Qatar’s first blockchain-centric financial services platform. We are helping QPAY leverage Blockchain in order to offer a much more secured payment processing set of tools and features. The objective is to create an encrypted, digital ledger of secured financial transaction blocks, Distributed Apps (DAPPS) and APIs which can only be seen by authorized parties. Unauthorized parties, such as hackers, are denied access to such information and even if they got hold of the information, it is impossible for them to decrypt it. In fact, the costs involved to hack or decrypt blockchain information is astronomical. You need to invest billions to hack blockchain secured data.”

FINTECH will play a key role in Qatar’s ambitious National Vision 2030 Plan for economic diversification and a more knowledge-based economy. As an industry leader, QPAY is a key contributor towards the national goals, leading the way in innovation and offering new technology and solutions to meet Qatar’s needs.

“As an active member of Qatar’s digital and cashless initiatives, and aligned with the National Vision 2030, we see Blockchain as a key ingredient in taking leadership in Qatari digital revolution and financial services innovation,” said Mr. Ben Aissa. “Blockchain, not to be confused with Bitcoin, is a far superior technology that is revolutionizing financial services and banking industries all over the world. It is time for QPAY to take initiative and leverage such powerful technology to implement a set of technical applications for the greater good of the Qatari financial services ecosystem.”