Kuwait’s Shared Electronic Banking Services Company (KNET) and global payments innovator ACI Worldwide have announced remarkable growth in WAMD, Kuwait’s real-time payment system launched in June 2024. Built on ACI’s Digital Central Infrastructure, WAMD enables seamless account-to-account (A2A) transfers via mobile apps or internet banking using phone numbers. The interoperable nationwide scheme was implemented in under 15 months and now includes all Kuwaiti banks, making it one of the fastest adopted real-time payment initiatives worldwide.
KNET CEO Esam Alkheshnam highlighted WAMD’s impact on reshaping consumer payment habits toward secure, instant digital payments while reducing cash reliance. With over one million registered users within the first quarter, WAMD offers a user-friendly experience with full bank integration. Plans for phase two include integrating fintech players, enabling real-time payments via dynamic QR codes at Point-of-Sale terminals, and launching “Request to Pay” services to enhance e-commerce safety and convenience.
The Middle East, particularly Kuwait, continues to lead global real-time payments growth, with forecasts estimating the creation of 167 million new bank accounts and an economic boost of $285.8 billion in global GDP by 2028. ACI Worldwide and KNET’s partnership delivers a secure, scalable real-time payment infrastructure positioning Kuwait at the forefront of the digital payments revolution.
