Kuwait’s real-time payment system, WAMD, built using ACI Worldwide's Digital Central Infrastructure solution, has recorded significant growth, surpassing 1 million registered users in its first quarter. WAMD, which translates to 'lightning flash,' was implemented in less than 15 months and has been lauded by banks for delivering a seamless and user-friendly banking experience. Real-time transactions powered by KNET and ACI Worldwide are up more than 12x since 2024.
WAMD, an interoperable, countrywide scheme, enables account-to-account (A2A) payment transfers via mobile app or internet banking using a phone number. With 100% of Kuwait’s banks now onboard, this extraordinary growth in real-time payments is expected to continue. Esam Alkheshnam, KNET’s Chief Executive Officer, emphasized KNET’s strategic focus on providing a safe and reliable payment environment by enhancing infrastructure and developing innovative systems.
Craig Ramsey, global head of account-to-account payments at ACI Worldwide, noted Kuwait’s impressive and rapid adoption rate, which stands out globally. He stated that ACI and KNET have created one of the most secure and future-proof real-time payment systems in the world, positioning Kuwait at the forefront of the global real-time payments revolution. ACI currently powers 26 domestic and pan-regional real-time schemes across six continents.
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