Qatar Central Bank Launches 'Request To Pay' Service Through Fawran
Date
7/30/2024 4:00:29 AM
(MENAFN- The Peninsula)
The Peninsula / QNA
Doha, Qatar: Qatar Central bank (QCB) announced the launch of "Request to Pay" option through "Fawran" service, in line with the Third financial Sector Strategic Plan, on Tuesday, July 30, 2024.
This initiative is in continuation of its efforts to improve the instant payment system in the country.
In a post on social media platform X, Qatar Central Bank explained that customers can now send a payment request from the payee to the payer. The payer will then receive the request, including the payee's name, the required amount to be transferred and the option to accept or reject the request. In case of acceptance, the required amount will be transferred instantly to the payee's account.
The QCB further added that list of participating banks for this service as of date are Doha Bank, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan and Qatar International Islamic Bank.
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