Qatar Islamic Bank (QIB) has launched the instant payment service “FAWRAN” on the QIB Mobile app. The real-time payments platform, which is backed by the 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.
“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,” said Dorai Anand, QIB’s General Manager – Personal Banking Group.
The instant payments service offers a rapid and secure electronic payment solution, accessible 24/7.
Customers can make local transfers through “FAWRAN” without the need to enter the details of the beneficiary’s bank account.
The payment 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 QAR 50,000 per transaction.
It will also offer customers the option 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 QCB to develop the country’s payment systems infrastructure and keep pace with the latest global developments in payment systems and electronic fund transfer.
