Qatar Central Bank to enable instant payments with new Fawran service
Qatar Central Bank (QCB) has launched an innovative instant payment service —Fawran — with the aim of developing a digital payment ecosystem in the country.
QCB’s Financial Instruments and Payment Systems Assistant Governor HE Sheikh Ahmed bin Khalid Al Thani said the service would significantly benefit customers across the country and enable beneficiaries to receive funds within seconds.
“This service is very important as it’s one of the leading digital payment solutions implemented by QCB to develop financial banking services in Qatar. It comes in line with the Third Financial Sector Strategy, and the financial technology strategy towards offering banking services based on the highest technical and global standards,” he said, addressing a Press conference at the QCB headquarters.
The service, which operates 24X7, can be used through mobile banking applications and digital channels. Banks will include a special icon in their mobile banking applications through which customers can log into the account, opt for FAWRAN service, and register by filling in the required data.
After the registration process, the customer can transfer money with a few simple steps. He or she should log in to the service and enter the beneficiary’s nickname or phone number.
Before confirming the transfer process, the beneficiary’s data will be verified electronically and centrally, and displayed via the sender’s mobile application to confirm their identity. Both the sender and receiver must be registered to avail of the service.
Each customer can make only one transfer a day, and the maximum amount that can be sent is QAR50,000. The limit may be subject to review at a later stage. During its first phase, the service is available only to individual bank accounts and later will be expanded to companies operating in the country.
The service is based on a system designed according to the latest technologies and security standards to maintain the confidentiality of the information created by QCB. This enables financial institutions to provide reliable information to their customers when the transaction is carried out.
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