Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has launched the instant payment service ‘FAWRAN’ on the QIB Mobile App.
This innovative service, introduced by Qatar Central Bank (QCB), facilitates instant transactions nationwide.
FAWRAN 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.
D Anand GM – Personal Banking Group QIB
“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.”
By facilitating instant transfers, FAWRAN offers a rapid and secure electronic payment solution, accessible 24×7. Further, the system ensures security, safety, and speed throughout the local transfer process, crediting the beneficiary’s account within seconds.
“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,” as per the statement.
The launch of FAWRAN reflects the efforts of the Qatar Central Bank to develop the payment systems infrastructure and keep pace with the latest global developments in payment systems and electronic fund transfers as part of the pioneering and innovative initiatives in digital payments and transfers in Qatar.
