Doha, February 04 (QNA) - A panel discussion on day 4 of Web Summit Qatar 2026 addressed the future of payment systems in the Gulf Cooperation Council (GCC) countries as well as the rapid transformations in the digital payments sector and their role in promoting financial inclusion and supporting economic growth in the region.

The session highlighted the importance of regional cooperation among GCC countries to build more interconnected and efficient payment systems and develop digital infrastructure capable of accommodating innovations in financial technology. It also discussed the role of responsible credit models in expanding access to financial services while maintaining sustainability and financial stability.

In this context, participants emphasized the remarkable growth of the delivery services sector in Qatar, with some international companies handling approximately 3,000 deliveries daily. This necessitates efficient operations, particularly regarding payment collection. They explained that the previous reliance on cash imposed operational burdens before digital payment solutions via flexible point-of-sale (POS) devices facilitated the shift towards contactless payments and improved collection efficiency.

The speakers pointed out that this shift resulted from investing in customer journey analysis and addressing different daily use cases, which led to a clear change in consumer behavior and increased demand for cashless payment methods.

In another session, representatives of international financial institutions emphasized the importance of private credit in supporting lending platforms and financial software companies to continue expanding. They noted that having local partners, understanding the regulatory environment, and building relationships with regulatory bodies are essential elements to ensure sustainable growth, particularly in the GCC markets.

The session also reviewed the opportunities offered by instant payment systems, considering integrated payments and finance as among the most prominent growth areas, despite the challenges associated with tracking and accounting for financial transactions.

In a related context, the speakers warned of the escalating risks of financial fraud with the rapid growth of digital payments. They stressed the need to adopt a collaborative approach involving all stakeholders in the financial system and to leverage artificial intelligence technologies and real-time transaction monitoring to mitigate these risks.

The session concluded by emphasizing that building a secure and sustainable payment system in the GCC countries requires the integration of roles between various entities, which will enhance confidence in the digital economy and support the financial transformation process in the region. (QNA)