Qatar Central Bank (QCB) has called on the local banks to adjust their status as part of its preparations to launch the instant payment service (Fawran) in March 2024.

The service is within the QCB‘s pioneering and innovative initiatives in the fields of payment and digital transformation in Qatar.

It is in alignment with the 3rd Qatar Financial Sector Strategy (FSS) and a complement to the QCB’s efforts aimed at upgrading the payment infrastructure systems and keeping up with the latest developments in electronic payment and funds transfer system.

On this occasion, Assistant Governor, Financial Instruments and Payment Systems at QCB Sheikh Ahmed bin Khalid Al-Thani said the launch of ‘Fawran’ service underscores the QCB’s keenness to provide best services to customers of banks and financial institutions in Qatar and streamline the financial and commercial transactions.

Additionally, Fawran will allow citizens and residents send and receive money transfers instantly between them at a low cost all around the clock seven days a week.