The Qatar Central Bank will reportedly introduce the FAWRAN instant payment service.
Qatar Central Bank (QCB) has called on the domestic banking institution to adjust their status as part of its plans to introduce the instant payment service (called Fawran) in March of 2024.
The new service is within the QCB‘s innovative initiatives in the sectors of payment and digital transformation in Qatar. The new project is in alignment or consistent with the 3rd Qatar Financial Sector Strategy (FSS) and serves as a complement to the QCB’s ongoing mission aimed at updating the payment infrastructure systems while also keeping up with the rapid developments in digital payment and funds transfer system.
Marking this key development, Assistant Governor, Financial Instruments and Payment Systems at the Qatar Central Bank (QCB) Sheikh Ahmed bin Khalid Al-Thani stated that the introduction of ‘Fawran’ service confirms the QCB’s commitment to offer reliable services to clients of banking and financial institutions based in Qatar and enhance the financial and commercial transfers.
In addition, Fawran should enable residents and local consumers to easily send and receive fund transfers instantly between them at an affordable cost all around the clock 7 days per week.
Instant payments are becoming increasingly common across the globe. Consumers and business organizations are expecting to get paid in a timely manner and no longer find it acceptable to wait multiple business days before transactions are completed.
As the world economy becomes increasingly globalized, consumers and business owners will want to settle money transfers in real-time so that they can continue operating in a frictionless manner. It should be as easy to send money as sending an email and that seems to be what the world’s Fintech innovators are trying to achieve (and have already to a considerable extent). As we head into the future, consumers will also be looking for more affordable payment options with very low or zero transaction fees.