Qatar Central Bank (QCB) launched its new Real-Time Gross Settlement System (QA-RTGS) on 16 December 2024, replacing the legacy Qatar Payment System (QPS) with an ISO 20022-native platform. In December 2025, QCB activated Qatari riyal (QAR) and foreign-currency transfer services between local banks on the new system. This guide covers what payments professionals working with or through Qatar need to understand.

QA-RTGS: The New Settlement Backbone

The QA-RTGS is the primary interbank settlement system in Qatar. It processes and settles financial transactions between banks in real time with immediate finality.

Key characteristics: ISO 20022 native: Built from the ground up on ISO 20022 financial messaging standards, avoiding the translation layers that many countries face when retrofitting the standard onto legacy systems Multi-currency: Unlike the QPS it replaced, QA-RTGS handles both Qatari riyal and foreign-currency transfers between local banks Real-time settlement: Individual gross settlement with immediate finality in central bank money Integration: Connected to QCB's clearing systems and the Central Securities Depository (CSD) for securities settlement

Participants: All local banks operating in Qatar participate directly in QA-RTGS.

The Legacy QPS

The previous Qatar Payment System (QPS) was a SWIFT-based RTGS with electronic straight-through processing (e-STP). It featured: Intranet/extranet-based real-time account access for participating banks Integration with QCB's book-entry securities system and currency issuing applications Web-based e-STP monitoring for trade reconciliation Daily account statement distribution to participating banks

The QPS served Qatar adequately but lacked ISO 20022 messaging and multi-currency settlement capability. QA-RTGS represents a generational upgrade that aligns Qatar with the global migration toward structured payment messaging.

NAPS: Card and ATM Infrastructure

The National ATM and POS Switch (NAPS) handles Qatar's card payment infrastructure. All banks and bank branches participate in NAPS, which processes domestic card transactions including ATM withdrawals and point-of-sale payments.

QCB has been actively promoting merchant onboarding through NAPS integration, particularly targeting SME adoption of standardised QR payment solutions. However, fragmented QR standard adoption among smaller merchants remains a challenge in the market.

Strategic Context: Third Financial Sector Strategy

QA-RTGS is a centrepiece of Qatar's Third Financial Sector Strategy, which aims to modernise the country's financial infrastructure as part of the broader Qatar National Vision 2030 and Third National Development Strategy 2024-2030.

The strategy's payment infrastructure objectives include: Accelerating settlement cycles and cash management Improving operational efficiency across the banking sector Managing liquidity and settlement risk through modern technology Aligning with international standards to support cross-border interoperability

Market Context

Qatar's payments market was valued at approximately USD 7 billion in 2025 and is projected to reach USD 14.5 billion by 2031, reflecting a compound annual growth rate of nearly 13%. This growth is driven by QCB's infrastructure investments and the broader digitisation of the Qatari economy.

GCC Cross-Border Connectivity

Qatar is a participant in the GCC's AFAQ cross-border payment system, which aims to connect the RTGS systems of Gulf Cooperation Council member states for real-time interbank settlement. QA-RTGS's ISO 20022 foundation positions Qatar well for AFAQ interoperability, as structured messaging is a prerequisite for efficient cross-border clearing between Gulf central banks.

Qatar also participates in Buna, the Arab Monetary Fund's cross-border payment platform serving the broader Arab region. QA-RTGS's multi-currency capability supports the settlement of Buna transactions involving the Qatari riyal.

What Practitioners Should Know

For correspondent banks: QA-RTGS's ISO 20022 adoption means Qatari interbank settlement messages now use the same structured format as SWIFT CBPR+. This reduces the friction for international banks processing QAR payments and improves straight-through processing rates.

For treasury teams: The multi-currency settlement capability on QA-RTGS means foreign-currency transactions between local banks can now settle domestically in real time, rather than requiring correspondent banking routes. This is particularly relevant for the significant USD, EUR, and GBP flows that characterise Qatar's trade-heavy economy.

For regional integration: With the UAE (UAEFTS), Saudi Arabia (SARIE), and now Qatar (QA-RTGS) all operating ISO 20022-native or ISO 20022-migrated RTGS systems, the technical barrier to GCC payment infrastructure interoperability has dropped substantially. The AFAQ system can build on these standardised foundations.

Sources: Qatar Central Bank - Electronic Payments and Settlements Systems; The Peninsula Qatar - Qatar Central Bank Launches New Real-Time Gross Settlement System (December 2024); Qatar News Agency - QCB Activates QAR and Foreign-Currency Transfers via QA-RTGS (December 2025); Qatar Tribune - QCB Boosts Payment System with New QA-RTGS Transfer Activation.