On 7 March 2024, Qatar Central Bank announced on its social media accounts that it had introduced an instant payment service called Farwan.
The Farwan service operates 24/7 and can be accessed through mobile banking apps and digital channels. Banks provide a special app icon for customers to log in, register, and opt for the service by filling in the required data.
After registering, customers can transfer money by logging in and entering the beneficiary's nickname or phone number.
The transfer process will be confirmed only after the beneficiary's details are electronically verified. This verification will be done centrally, and the information will be displayed on the sender's mobile application to confirm the beneficiary's identity. It is important to note that both the sender and the receiver must be registered to use this service.
Farwan can be accessed via your bank's mobile app. This instant payment solution will be available in the following bank's mobile app:
Customers are limited to one transfer per day, with a maximum amount of QR 50,000 that can be sent. Banks may review the limit later.
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Source and Cover Image: Qatar Central Bank
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