Doha, Qatar: Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has announced the launch of the instant payment service “Fawran” on the QIB Mobile App. This innovative service, introduced by Qatar Central Bank (QCB), facilitates instant transactions nationwide.
“Fawran”, which means instantly in Arabic, streamlines the payment and transfer process for new and existing customers. It uses alternative identifiers for account details, empowering customers to instantly send and receive funds without the need for inputting traditional beneficiary details making the process fast and easy.
By facilitating instant transfers, “FAWRAN” offers a rapid and secure electronic payment solution, accessible 24/7. After completing the registration process and setting up the Alias name, customers can easily transfer funds to anyone who is also registered for the “Fawran” service and have provided them with their unique Alias name.
This easy process allows transfers to be initiated simply by entering the beneficiary’s account Alias name, along with the purpose and amount, eliminating the need for the IBAN/Bank Account details.
The “Fawran” system ensures security, safety, and speed throughout the local transfer process, crediting the beneficiary’s account within seconds. The service allows customers to transfer up to QR50,000 per transaction. “Fawran” will also offer customers the options to manage the linkage of Alias names to their desired accounts and track their transactions through its payment history.
The launch of “FAWRAN” reflects the efforts of Qatar Central Bank to develop the payment systems infrastructure and keep pace with the latest global developments in payment systems and electronic fund transfer as part of the pioneering and innovative initiatives in digital payments and transfers in Qatar.
Commenting on the launch of Fawran, D Anand, QIB’s General Manager – Personal Banking Group, said: “Fawran is a new approach to instant local transactions in Qatar. The service provides a seamless, fast, convenient, and secure transfer process by creating an account name as an alternative identifier for the bank account, which allows customers to transfer money instantly within Qatar. This aligns with the country’s efforts to promote the transition to a cashless society. This innovative service confirms our commitment to providing effective and easy financial solutions to all the citizens and residents in the country.”
