Kuwait’s central bank approves launch of new WAMD instant payments system
Banks and financial institutions across Kuwait are going live this week with WAMD, the country’s new instant payment system that enables account-to-account money transfers using just a phone number, after the Central Bank of Kuwait (CBK) approved its launch.
CBK approves launch of WAMD instant payment system
The system is facilitated by K-Net, which operates as a national payment gateway under the supervision of the CBK.
Writing on LinkedIn, Tariq Alusaimi, head of digital strategy and planning at the CBK, says the system is set to provide “added value and quality to the national payment infrastructure capabilities” while also serving as “a safe and advanced payment option that caters to the needs of different customer segments”.
Among the latest adopters of WAMD are the National Bank of Kuwait (NBK), Kuwait Finance House (KFH) and the country’s first digital bank, Weyay Bank.
NBK went live with WAMD through its mobile banking app on 30 June. It says the new service will enable “straightforward transactions” while also “advancing digital transformation in Kuwait by increasing the volume of electronic financial transactions”, according to its statement at launch.
As the digital subsidiary of NBK, Weyay Bank has also embraced the system, with chief executive Amal Al-Duwaisan describing the development as “a game-changer, making money transfers more convenient, secure, and accessible than ever before”.
“We are also fully aware of our customers’ tendency to value convenience and security more than anything else when it comes to their financial online transactions,” she adds.
Likewise, KFH – one of the country’s oldest Sharia-compliant financial institutions – announced that it had integrated the system on its KFHonline mobile app this week.
Meshal Al-Obaid, executive manager of digital and alternative channels at KFH, says WAMD will offer customers “an unparalleled experience in transferring and requesting money” that combines “high security standards with exceptional ease and speed”.
The integrations signal the continued growth of instant payments across the Middle East. In neighbouring Qatar, the central bank announced the launch of its instant payment service Fawran in March, following the Central Bank of the UAE (CBUAE) unveiling its Aani instant payments system towards the end of last year.
