Doha, Qatar: Qatar Central Bank (QCB) announced that the instant payment system 'Fawran', since its launch in March 2024, has processed over 5 million transactions, valued at more than QR10 billion.
QCB added that the system has proven its efficiency in facilitating and improving payment processes by reducing the time required to transfer money between individuals and companies in Qatar.
It stated that the transaction volume on the system exceeded 5.5 million, with a total value of over QR10.1 billion. The transaction value saw an average growth rate of 28%, while the volume increased by 31% on average.
QCB added that 2.7 million individual accounts are registered on Fawran, while the number of registered corporate acounts reached 99,000.
The central bank stated that these figures and indicators "reflect the success of the system and its adoption by customers".
