Fawran Clocks 5.5mn Transactions Worth QR10.1bn in One Year up to March: QCB

Qatar Central Bank’s instant payment system – Fawran has clocked 5.5mn transactions valued at QR10.1bn in one year since its launch in March 2024, QCB said Tuesday.

Transaction volume shows an increase of 31% vis-à-vis Fawran in one year up to March, QCB pointed out.

Transaction value vis-à-vis Fawran had gone up 28% during the period.

The number of registered individual accounts with Fawran stood at 2.7mn and registered corporate accounts at 99,000 in March, QCB said.

QCB said the Fawran system has proven its efficiency in facilitating and improving payment processes in terms of reducing the time required to transfer money between individuals and companies in Qatar. It allows users to send and receive money instantly and securely.

Fawran is considered one of the innovative and advanced services, in line with the third strategy for the financial sector in the country and in continuation of the QCB's efforts to develop the infrastructure of payment systems and keep pace with the latest developments in payment systems and electronic transfer of funds.

It is designed in accordance with a system based on the latest technologies and security standards, to maintain the security and confidentiality of the information created by the QCB to enable financial institutions to provide the service to their customers with complete reliability.

One of the most prominent advantages provided by the instant payment service is enabling bank customers to send and receive money in the country immediately, and within moments. It will also be available round-the-clock without interruption.

Earlier, the QCB noted that the launch of the Fawran is part of the projects it has undertaken to enhance the country's payment system.

This initiative plays a significant role in strengthening the financial sector, providing diverse payment options for all segments of society, facilitating payment processes, and reducing reliance on cash, thereby lowering associated costs.

“This service reflects QCB's commitment to providing the best services to customers of banks and financial institutions in the country, meeting their growing needs in line with the increasing demand for financial technology services, and facilitating financial and commercial transactions between individual and corporate bank accounts to keep pace with the rapid development of the national economy,” the central bank noted.