KUWAIT: 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, 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.