The Qatar Central Bank declared that it will introduce the Fawran instant payment service in March. Using a cell phone number instead of an IBAN, the programme would enable users to transfer and receive money instantaneously, as the company revealed on social media.
Introduced in accordance with the Third Financial Sector Strategy, the service is available around the clock. "Based on Qatar Central Bank's efforts to develop the payment systems and electronic funds transfer," the proposal was further stated.
