Qatar Central Bank’s Fawran Instant Payment Service:
- Service Launch:
- Qatar Central Bank is set to launch its new instant payment service named Fawran in the coming month.
- Fawran Features:
- Fawran will enable users to send and receive funds instantly with round-the-clock availability.
- The service allows payments using “alternative identifiers,” such as mobile numbers, instead of traditional IBANs for bank-to-bank transfers.
- Objective of Fawran:
- The launch of Fawran is part of Qatar Central Bank’s efforts to enhance the payment systems infrastructure and stay updated with the latest developments in payment systems and electronic funds transfer.
- Third Financial Sector Strategy:
- Fawran aligns with the Third Financial Sector strategy launched in November 2023, aimed at achieving increased financial stability and economic growth. The strategy focuses on transforming banking, insurance, capital markets, and digital financial services through regulatory governance, ESG principles, Islamic finance, digital innovation, and talent development.
- Global Instant Payment Systems:
- Fawran joins other instant payment systems worldwide. For example, the European Parliament recently legislated new rules for its single Euro payments area (SEPA) protocols, ensuring funds’ arrival in 10 seconds or less. The National Payments Corporation of India (NPCI) has also expanded the international accessibility of its United Payments Interface (UPI) through a partnership with Lyra Network.
