Qatar’s economy is heavily reliant on its oil and gas sector, which accounts for over 70% of its economic output. To address this dependence, the Qatari government is actively pursuing its Vision 2030 diversification plan, designed to encourage private sector investments and stimulate economic growth. Events such as the Asia Cup football tournament and the World Horticultural Expo in 2023 were strategically planned to enhance tourism inflows, helping to mitigate the narrowing surplus in goods trade.

The Qatar Payments Market is poised for significant growth, with projections indicating it will reach USD 11.55 billion by 2029, driven by a compound annual growth rate (CAGR) of 10.57% from 2024 to 2029. This growth is characterized by a notable shift from cash to electronic transactions, supported by the implementation of measures such as a cap on interchange fees and the promotion of payment card switching to facilitate PIN and contactless payments. Additionally, the expansion of point-of-sale terminals is further enhancing the accessibility and convenience of digital payment solutions in the country.