QCB launches the instant payment service FAWRAN to develop a digital payment ecosystem in the country

The innovative instant payment service FAWRAN was introduced by the Qatar Central Bank (QCB) to create a national digital payment ecosystem. H E Sheikh Ahmed bin Khalid Al Thani, Assistant Governor of the Qatar Central Bank for Financial Instruments and Payment Systems, emphasised during a press conference on Thursday at the QCB headquarters that the service will greatly benefit customers throughout the nation and allow the beneficiaries to receive funds in a matter of seconds. 

The service is available via digital channels and mobile banking applications. It is available around-the-clock. Banks will include a unique symbol into their mobile banking applications, enabling users to access their accounts, select FAWRAN service, and register by providing all necessary information.

Following registration, the client can transfer funds in a few easy steps: Enter the beneficiary's phone number or nickname after logging into the service. Prior to finalising the transfer procedure, the beneficiary's data registration will be electronically and centrally validated, and the sender's mobile application will reveal the beneficiary's identification. To use the service, though, the sender and the recipient must both be registered. 

A maximum of QR50,000 can be transmitted by any one client in a single transfer per day. The cap could be examined again in the future. The service is limited to individual bank accounts in its initial phase, with plans to extend it to firms that do business in the nation. 

The service is built on a system that complies with the most recent security regulations and technological advancements to protect the privacy of QCB's information. This makes it possible for financial organisations to give their clients accurate information when the transaction is completed.