Qatar Central Bank to enable instant payments with new Fawran service
Qatar Central Bank is set to launch its new instant payment service this month as part of its Third Financial Sector strategy.
Qatar Central Bank prepares to launch Fawran
The central bank says the service, called Fawran, will enable users to send and receive funds instantly while offering round-the-clock availability.
Users will be able to make payments using “alternative identifiers” like mobile numbers as opposed to the use of IBANs, which are typically used for standard bank-to-bank transfers.
Qatar Central Bank says the launch of Fawran forms part of its efforts to “develop the payment systems infrastructure and keep pace with the latest developments in payment systems and electronic funds transfer”.
These efforts are predominantly being spearheaded by its aforementioned Third Financial Sector strategy which, launched in November 2023, is seeking to strike increased financial stability and economic growth in the country through the formation and execution of a supervisory financial framework.
The strategy is aimed at transforming the country’s banking and insurance sectors, capital markets and digital financial services systems through an increased focus on regulatory and ESG governance, Islamic finance, digital innovation and talent development.
Fawran will join a host of other instant payment systems currently in use across other global markets. For example, the European Parliament legislated new rules last month for its single Euro payments area (SEPA) protocols, which guarantee the arrival of funds in 10 seconds or less.
Meanwhile, the National Payments Corporation of India (NPCI) has doubled down on the international accessibility of its United Payments Interface (UPI) through its newfound partnership with French payment services firm Lyra Network.
