QIB's Easy Payment Plan's Benefit to Startups

Doha - Qatar Islamic Bank (QIB) has launched an innovative feature on its QIB Mobile App. The bank has extended its Easy Payment Plan (EPP) to Debit cardholders, a service previously exclusive to Credit cardholders. This strategic move aims to provide enhanced financial flexibility to the community in Qatar.

The new feature allows QIB debit cardholders to convert transactions exceeding QAR 5,000 into manageable instalments. These instalments can be spread over 6 to 24 months, offering competitive rates that ease the financial burden on customers and ultimately startups. This initiative is particularly advantageous for new businesses, which often face challenges in managing cash flow and financing large purchases.

For startups, the ability to convert substantial transactions into smaller, more manageable payments can be a game-changer. It allows these businesses to invest in necessary resources and infrastructure without the immediate financial strain. This flexibility can help startups maintain liquidity, manage cash flow more effectively, and ultimately support their growth and sustainability.

In addition to the benefits for Debit cardholders, QIB continues to offer the EPP feature to its Credit cardholders. By providing this financial tool across both card types, QIB ensures that a broader range of customers can enjoy the convenience and simplicity of the EPP feature. This comprehensive approach enhances the overall banking experience and offers startups an immediate, innovative financial solution.

In an interview with The Peninsula Qatar, Anand, QIB’s General Manager of the Personal Banking Group, said, “We are pleased to introduce the Easy Payment Plan feature to our Debit cardholders, in line with our commitment to providing innovative solutions that meet their evolving needs. With this expansion, we empower our customers with greater financial flexibility, allowing them to enjoy the convenience of managing their expenses through instalment payments and putting them in control of their finances.”

QIB's extension of the Easy Payment Plan to Debit cardholders represents a significant support mechanism for innovation in Qatar. It provides a flexible and convenient way for these customers and businesses to manage their finances, invest in growth opportunities, and navigate the challenges of early-stage operations.

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