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Qatar Central Bank to launch an instant payment service

Thursday 22 February 2024 10:53 CET | News

The Qatar Central Bank has announced its plans to launch an instant payment service named Fawran in March 2024.

 

This service will enable users to swiftly send and receive funds, leveraging alternative identifiers such as mobile phone numbers in place of IBANs. According to the central bank's social media account, Fawran will be available around the clock, offering convenient access to users. The initiative aligns with Qatar's Third Financial Sector Strategy and reflects Qatar Central Bank's ongoing commitment to advancing payment systems and electronic funds transfer capabilities. 

Instant payments, which are sometimes called immediate payments, real-time payments, or faster payments, are credit transfers that reach an account within ten seconds of processing a payment. This happens in real time, at any time of the day, and on any day of the year, which means funds are immediately available to receivers. By contrast, regular online bank transfers conventionally require at least one working day to reach the recipient’s bank account.

 

The Qatar Central Bank has announced its plans to launch an instant payment service named Fawran in March 2024.

 

Qatar’s 3rd Financial Sector Strategy 

The 3rd Financial Sector Strategy launched by the Qatar Central Bank aims to further develop the financial sector in Qatar as part of the Qatar National Vision 2030. 

In essence, the implementation of the 3rd Financial Sector Strategy aims to address anticipated opportunities and challenges in the foreseeable future. It was designed to support the financial sector, bolster the national economy's growth, and achieve financial stability through the establishment of a robust supervisory framework. This strategy is structured around four primary pillars: the banking and insurance sectors, the digital financial services system, and the capital markets. It encompasses five key focus areas, which include: 

  • Enhancing regulatory governance and oversight of the financial sector. 
  • Facilitating the development of Islamic finance, digital innovations, and advanced technology. 
  • Addressing environmental, social, and institutional governance concerns. 
  • Promoting sustainability within the financial sector. 
  • Fostering talent development and enhancing competencies.

Other developments from the Qatar Central Bank 

In October 2023, Qatar Central Bank issued instructions for the Loan-Based Crowdfunding Regulation, for the purpose of licencing and regulating activities and services in Qatar.

At the time, the Qatar Central Bank announced that all companies wishing to work in the financial field must apply to obtain the necessary licence from QCB. According to the official press release from that time, Qatar Central Bank reiterated its commitment to providing effective and valuable initiatives that help create an environment conducive to the growth of the financial technology sector in the country. QCB officials highlighted that these platforms support the development of the financial sector and enhance the transparency, efficiency, and ease of the borrowing process.


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Keywords: instant payments, real-time payments, central bank, product launch
Categories: Payments & Commerce
Companies: Qatar Central Bank
Countries: Qatar
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Qatar Central Bank

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