In an effort to advance electronic payment systems and boost financial inclusion, Qatar Central Bank (QCB) has launched a national prepaid card named, “Himyan.” According to DohaNews, the prepaid card can be used for point-of-sale transactions, e-commerce, and ATMs within Qatar.
What This Means for the Underbanked and Unbanked
Named after an ancient Arabian money bag, the Himyan card will offer a secure and convenient way to both use and receive funds, especially for those who lack access to traditional banking services and products.
National prepaid cards enable residents to withdraw cash, pay bills, and make purchases, much like a debit or credit card. However, in contrast to debit and credit cards, national prepaid cards are not tied to a credit line or bank account. National prepaid cards are typically issued by a financial institution supported by a nation’s government—or it can be issued by a government agency.
The card can be loaded by transfers from other financial accounts, cash deposits from authorized locations, direct deposits from government benefits, and direct deposit from wages.
As a registered trademark, Himyan is considered the first national prepaid card with a registered Qatari brand in Qatar.
Speaking of the launch, Omar Abdulaziz al-Meer, chief (Corporate Sector) at QIIB said: “The initiative of Qatar Central Bank to launch Himyan Card deserves great praise and appreciation for providing a realistic and appropriate alternative to various payment solutions, as it is compatible with the various applicable banking systems and solutions within the State of Qatar. Himyan Card by QIIB is a unique addition to our product portfolio and another step forward in QIIB and QCB’s strive for a cashless society.”
We have covered the usefulness of prepaid cards, especially for segments of the U.S. population that continues to be underbanked or unbanked.