Kuwait’s national electronic banking company, KNET, and 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) payments using phone numbers via mobile apps and internet banking, with all local banks onboard.
Within its first quarter, WAMD reached one million registered users, making it one of the world’s fastest-adopted real-time payment initiatives. The interoperable platform enhances security, speed, and convenience, reshaping payment habits while reducing cash dependency. KNET CEO Esam Alkheshnam highlighted WAMD’s strategic role in delivering a reliable, innovative payment environment aligned with Kuwait’s digital transformation goals.
Looking ahead, KNET plans to integrate fintech players, enable real-time payments at POS terminals using dynamic QR codes, and launch “Request to Pay” services to streamline e-commerce payments. These initiatives aim to strengthen Kuwait’s position as a payments modernization leader in the Middle East, which Canalys recognized as the fastest-growing real-time payments market globally for two consecutive years.
ACI Worldwide’s Craig Ramsey noted that real-time payments foster innovation, financial inclusion, and economic growth worldwide. ACI powers 26 real-time payment schemes across six continents, serving the largest global financial institutions.
KNET, founded in 1992, remains committed to adopting advanced technologies and maintaining global standards in electronic payments across Kuwait’s commercial, banking, and government sectors.
