Qatar Central Bank announced that it will launch an instant payment service named Fawran in March 2024.
The application will let users instantly send and receive funds, using alternative identifiers such as mobile phone number in place of IBAN, it announced on its social media account.
The service can be accessed 24/7 without introduction.
The initiative is said to be “based on Qatar Central Bank’s efforts to develop the payment systems and electronic funds transfer” in line with the country’s Third Financial Sector Strategy.
Last month, Qatar also announced it had signed a collaboration agreement with the World Economic Forum (WEF) to establish a Center for the Fourth Industrial Revolution (C4IR) in the country. The primary focus of the centre will be sustainable development and economic competitiveness, in line with Qatar’s national priorities and Vision 2030, officials said
