Doha, Qatar: Qatar Central Bank (QCB) launched the innovative instant payment service FAWRAN, which aims to develop a digital payment ecosystem in the country.
During a press conference yesterday at the QCB headquarters, H E Sheikh Ahmed bin Khalid Al Thani, Assistant Governor of the Qatar Central Bank for Financial Instruments and Payment Systems underscored that the service will significantly benefit customers across the country and will enable the beneficiaries to receive funds within seconds.
The Assistant Governor also stressed the importance of this service as it is considered one of the leading digital payment solutions implemented by QCB to provide within its strategic plans and objectives aimed at developing financial banking services in Qatar.
This comes in line with the third strategy for the financial sector and the financial technology strategy towards offering banking services based on the highest technical and global standards.
The service, which operates 24/7, 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 all the required data. After the registration process, the customer can transfer money with simple steps: Log into the service, and enter a nickname or phone number of the beneficiary.
Before confirming the transfer process, the registration of the beneficiary’s data will be verified electronically and centrally, and displayed via the sender’s mobile application to confirm the identity of the beneficiary. However, both the sender and the receiver must be registered to avail of the service. Each customer can make only one transfer per day, and the maximum amount that can be sent is QR50,000. 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.
