Search KuwaitPR.com

Home >> Technology

Burgan Bank Launches WAMD Instant Payment Service

Burgan Bank Launches WAMD Instant Payment Service

Wednesday, July 3, 2024/ Editor -  

Share

Home >> Technology

Under the umbrella of its dedicated technology and digital transformation strategy

Kuwait, 4 July 2024

In continued efforts to add convenience to its banking experience, Burgan Bank announced that all customers can now benefit from the newly launched instant payment service WAMD using the Burgan Mobile application. The instant payment service, developed by KNET under the supervision of the Central Bank of Kuwait (CBK), allows customers to send, receive and request money transfers easily, safely, and securely. The Bank’s launch of the WAMD service comes as part of its dedicated digital transformation strategy and its commitment to the CBK strategy for reducing cash transactions and encouraging reliance on digital services.

Unlike traditional domestic account-to-account transactions, which require a long list of information – including an account number, IBAN and more – domestic instant payments and transfers with WAMD require only utilizing a registered phone number. To start using the instant payment service, which is available around the clock, customers are required to register to the WAMD service and link it to one active bank account to be able to send, receive and request money. The daily and monthly available limits for WAMD are KD 3,000 and KD 20,000, respectively, while the limit per transaction is KD 1,000.

Commenting on the launch of WAMD, Mr. Barrak Al-Mattar, General Manager – Information Technology at Burgan Bank, said: “Sending and receiving money is a daily need that is equally vital regardless of the size of transactions. To ensure that a need as recurring and essential as making payments and transfers domestically is fulfilled with convenience, speed, and ease, Burgan Bank was among the adopters of KNET’s innovative solution, WAMD, which makes sending money digitally as easy as sending a text message. This instant payment service marks a milestone in popularizing digital financial services across Kuwait and the overall success of CBK’s national digital transformation strategy – which Burgan Bank proudly continues to contribute to actively.”

In line with the introduction of WAMD on the Burgan Mobile application, the Bank is set to release a series of educational and awareness posts that walk customers through the safest and best use of the new payment technology. This comes as part of Burgan’s committed support of the banking awareness and financial literacy campaign “Let’s Be Aware” (Diraya) – launched by the CBK and the Kuwait Banking Association (KBA), with the support of Kuwaiti banks.

As a pioneer in digital transformation, Burgan Bank continues to adopt the latest banking and financial digital solutions that serve to meet customers’ evolving needs and growing aspirations. The innovative products and services that the Bank recently launched include the option to open several Burgan accounts like Kanz account in less than a minute. Other digital innovations include the introduction of digital banking cards and digital payment solutions, such as Apple Pay, Google Pay and Tijarati Pay for Tijarati platform users.

 


Previous in Technology

Next in Technology


Home >> Technology Section

Latest Press Release

Pioneering the Future of Food Tech in Kuwait Jahez Application and Kuwait Innova ...

CINET Launches a Cybersecurity Internship Program to Empower a Future-Ready Work ...

Burgan Bank Signs Partnership with SAP to Deploy the SuccessFactors HCM System

G-SHOCK's Summer Style Statement: Metal-Cased Watches That Define the Season

Passenger Growth Hits 5% in May

May Air Cargo Demand Up 2.2% Despite Trade Disruptions

KIB promotes financial awareness and banking literacy among visitors of Assima M ...

Hibrid and Alibaba Cloud Sign MoU to Deliver Advanced Streaming and Comprehensiv ...

Get Ready for Fabulous Summer Looks with BADgal BANG! Power Blue Mascara!

Burgan Bank Appoints Mohammed Al-Roomi as Deputy General Manager of Information ...

KIB signs strategic partnership with IE Business School under Waed program

Bigger Thrills and Better Rewards Await You This Dubai Summer Surprises at Merca ...

KIB hosts a panel discussion titled ‘Financing and Mortgages: Opportunities and ...

Burgan Bank Organizes Field Visit for ‘Academy X' Students at its Headquarters i ...

Kuwait celebrates National Day at Expo 2025 Osaka with a striking showcase of cu ...

CASIO Middle East & Africa Marks Six Decades of Calculator Legacy

EASA and IATA publish comprehensive plan to mitigate risks of GNSS interference

African Energy Week (AEW) 2025 to Host Dedicated Energy Finance Track

EGYPTAIR discloses order for an additional six Airbus A350 aircraft

KIB Group, represented by KIB Invest, serves as Joint Lead Manager in Boubyan Ba ...