Qatar Central Bank to launch instant payment service

The Qatar Central Bank will launch its instant payment service, Fawran, next month.

Using Fawran, individuals will be able to send and receive funds instantly and “without interruption”.

The new service aims to simplify transactions by using alternative identifiers, such as a mobile phone number in place of an IBAN.

On its website, the central bank stated: “In line with the Third Financial Sector Strategy and based on Qatar Central Bank’s efforts to develop the payment systems infrastructure and keep pace with the latest developments in payment systems and electronic funds transfer, Qatar Central Bank will launch the instant payment service FAWRAN in March.

“FAWRAN falls within the pioneering and innovative initiatives in digital payments and transfers in Qatar.”

Last year, the US Federal Reserve launched the FedNow Service, its instant payments system.

Earlier this year, the European Parliament voted in favour of adopting new Instant Payments Regulation, which updates the current Single Euro Payment Area rules.

Under the new regulation, transferred funds will have to arrive immediately into the bank accounts of retail customers and businesses across the EU.