Doha, February 19 (QNA) - 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, highlighting that QCB constantly seeks to achieve the goals included in the FSS and fintech strategy that primarily aim to advance the payment system and financial inclusiveness, as well as financial development in the State of Qatar to achieve the sustainable development and support the national economy in line with the Qatar National Vision 2030.

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. (QNA)