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KUAWIT CITY, July 16: ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, and the Shared Electronic Banking Services Company \u201cKNET\u201d, the provider of electronic payment services in Kuwait, today announced that WAMD, Kuwait\u2019s real-time payment system, recorded significant growth in the number of transactions executed since its launch in June of 2024, making WAMD one of the world\u2019s most rapidly adopted real-time payment initiatives. KNET utilized ACI\u2019s Digital Central Infrastructure solution to build the central payment infrastructure of WAMD, an interoperable, countrywide scheme that enables account-to-account (A2A) payment transfers via a bank\u2019s mobile app or internet banking service by using a phone number.<\/p>\n
WAMD was implemented in less than 15 months, redefining the pace for rapid digital transformation and innovation. Banks in Kuwait have lauded the scheme for delivering a seamless and user-friendly differentiated customer banking experience. With 100% of the country\u2019s banks now on board with WAMD, this extraordinary growth in real-time payments is expected to continue. \u201cAs real-time payments become ubiquitous in Kuwait, consumers have gravitated toward secure, real-time payment methods, reshaping habits around convenience and efficiency while reducing reliance on cash. KNET\u2019s primary strategic focus is to provide a safe and reliable payment environment by enhancing existing infrastructure, developing innovative payment systems, and improving service efficiency domestically and regionally,\u201d said Esam Alkheshnam, KNET\u2019s Chief Executive Officer. Alkheshnam added that \u201cIPS in Kuwait was given the name \u2018WAMD,\u2019 which translates to lightning flash \u2013 an indication of the speed of the service. WAMD, which is available on the banking application of all local banks, has gained traction from the start, with one million registered users during the first quarter of its launch of WAMD. \u201cAs soon as we introduced the service to Kuwait, we began outlining the next phase of IPS in Kuwait, which will build on the success of phase one.<\/p>\n
Together with ACI Worldwide, being one of our strategic partners, KNET is committed to adopting state-of-the-art technologies in digital payments, adhering to the highest global standards.\u201d Aligned with KNET\u2019s mission of supporting Kuwait\u2019s national vision for digital transformation, longer-term strategic initiatives include the integration of Kuwait\u2019s fintech players to WAMD and enabling A2A real-time payments in their Electronic Fund Transfer Point-of-Sale terminals using dynamic QR codes. KNET is also looking at implementing the \u201cRequest to Pay\u201d service to streamline payment operations for web merchants and provide a safer, enhanced e-commerce shopping experience for Kuwaitis. Kuwait\u2019s evolution into a real-time payment powerhouse is set to further propel the Middle East\u2019s position as a leader in payments modernization.<\/p>\n
According to ACI\u2019s Prime Time for Real-Time 2024 report, which tracks global real-time payment volumes and growth forecasts, the Middle East has been recognized as the fastest-growing real-time payments market in the world for two consecutive years. Additionally, real-time payments are a powerful enabler for economic advancement and inclusion. ACI\u2019s Real-Time Payments: Economic Impact and Financial Inclusion report indicates that by 2028, real-time payments are forecast to create more than 167 million new bank account holders and generate $285.8 billion of additional global GDP growth. \u201cKuwait\u2019s rapid adoption of real-time payments has been impressive and stands out as one of the fastest adoption rates around the globe.<\/p>\n
The rising demand for real-time payments drives innovation in payments, forges new use cases that stimulate economic growth, promotes financial inclusion, and meets customers\u2019 evolving expectations,\u201d commented Craig Ramsey, global head of account-to-account payments at ACI Worldwide.\u201cTogether, ACI and KNET have created one of the most secure and future-proof real-time payment systems in the world \u2013 one that puts Kuwait at the forefront of the global real-time payments revolution.\u201d ACI Worldwide has a strong track record of powering real-time schemes around the world as well as helping banks, fintechs, and other payment service providers in the ecosystem to connect to the schemes and offer new, innovative financial services for consumers and businesses.ACI currently powers 26 domestic and pan-regional real-time schemes across six continents, including 11 central infrastructures. Globally, ACI serves all 10 of the world\u2019s largest financial institutions by asset value and provides solutions that move trillions of dollars through more than one billion transactions daily.<\/p>\n<\/p><\/div>\n
Rephrase in a different way as if you were a native American speaker as a content creation expert and do not talk about yourself or your experience in the text and do not show yourself as an artificial intelligence who wrote and fill the bullet point in the topic and speak the heart of the topic itself and dont take date of blog in ther first and dont take text like box of newsliter subscribe on post from contentand romove all linke insert in content and and remove all affiliate disclosure phrases on content like this “This post may contain Amazon or other affiliate links that allow us to earn a small commission at no extra cost to you. Please see our Disclosure Policy for more info” and “#” put in its place bullet point, and romove name of the web site or his links we are take a content from our new creation, and don’t publish clone new content more than just one time<\/p>\n","protected":false},"excerpt":{"rendered":"
KUAWIT CITY, July 16: ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, and the Shared Electronic Banking Services Company \u201cKNET\u201d, the provider of electronic payment services in Kuwait, today announced that WAMD, Kuwait\u2019s real-time payment system, recorded significant growth in the number of transactions executed since its launch in June of 2024, […]<\/p>\n","protected":false},"author":3,"featured_media":9358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[11],"tags":[3497,5066,940,3092,3096,3097,1182,234,3095,8673,39,51,4175,3093,2259,8671,8675,3088,8672,3094,6532,3098,6818,8674],"class_list":["post-9357","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-3497","tag-accounts","tag-american","tag-characters","tag-content","tag-creation","tag-dont","tag-experience","tag-expert","tag-first","tag-in","tag-kuwaits","tag-mln","tag-native","tag-payment","tag-real-time","tag-realtime","tag-rephrase","tag-scheme","tag-speaker","tag-surpasses","tag-talk","tag-wamd","tag-yea"],"_links":{"self":[{"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/posts\/9357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/comments?post=9357"}],"version-history":[{"count":1,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/posts\/9357\/revisions"}],"predecessor-version":[{"id":9359,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/posts\/9357\/revisions\/9359"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/media\/9358"}],"wp:attachment":[{"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/media?parent=9357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/categories?post=9357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/tags?post=9357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}