ACI Worldwide, a global innovator in payments technology, and KNET, Kuwait’s national electronic banking company, have announced remarkable success for WAMD, Kuwait’s real-time payment system. Launched in June 2024, WAMD has seen significant growth, onboarding 30% of Kuwait’s banked population within its first three months and experiencing a more than 12-fold increase in real-time transactions processed since its inception. This rapid adoption positions WAMD as one of the world's most swiftly embraced real-time payment initiatives.

KNET leveraged ACI's Digital Central Infrastructure solution to develop the central payment infrastructure for WAMD. This interoperable, countrywide scheme facilitates account-to-account (A2A) payment transfers through a bank’s mobile application or internet banking service, simply by using a phone number. The entire system was implemented in under 15 months, setting a new standard for rapid digital transformation and innovation in the financial sector. Kuwaiti banks have praised WAMD for delivering a seamless, user-friendly, and differentiated customer banking experience. With all of the country’s banks now integrated with WAMD, the extraordinary growth in real-time payments is anticipated to continue.

Esam Alkheshnam, KNET’s Chief Executive Officer, highlighted the shift in consumer behavior: “As 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.” He further explained that WAMD, which translates to "lightning flash" in Arabic, signifies the service's speed. The system gained immediate traction, registering one million users in its first quarter. Alkheshnam also stated, “As 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. 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.”

Aligned with Kuwait’s national vision for digital transformation, KNET’s long-term strategy for WAMD includes several key initiatives. These involve integrating Kuwait’s fintech players into the WAMD ecosystem and enabling A2A real-time payments at Electronic Fund Transfer Point-of-Sale (EFTPOS) terminals using dynamic QR codes. KNET is also planning to implement a “Request to Pay” service, aimed at streamlining payment operations for web merchants and providing a safer, enhanced e-commerce shopping experience for consumers in Kuwait.

Kuwait's rapid evolution into a real-time payment powerhouse is significantly contributing to the Middle East's standing as a global leader in payments modernization. According to ACI’s Prime Time for Real-Time 2024 report, which tracks global real-time payment volumes and growth forecasts, the Middle East has been the world's fastest-growing real-time payments market for two consecutive years. Furthermore, real-time payments are recognized as a potent enabler for economic advancement and financial inclusion. ACI’s Real-Time Payments: Economic Impact and Financial Inclusion report projects that by 2028, real-time payments will help create over 167 million new bank account holders and generate an additional $285.8 billion in global GDP growth.

Craig Ramsey, global head of account-to-account payments at ACI Worldwide, commented on the system's success: “Kuwait’s rapid adoption of real-time payments has been impressive and stands out as one of the fastest adoption rates around the globe. 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’ evolving expectations.” He added, “Together, ACI and KNET have created one of the most secure and future-proof real-time payment systems in the world – one that puts Kuwait at the forefront of the global real-time payments revolution.”

ACI Worldwide has a proven track record in powering real-time payment schemes globally and assisting banks, fintechs, and other payment service providers in connecting to these schemes to offer innovative financial services. ACI currently supports 26 domestic and pan-regional real-time schemes across six continents, including 11 central infrastructures, and serves all 10 of the world’s largest financial institutions by asset value.

KNET, The Shared Electronic Banking Services Company, was established in 1992 through a partnership of local banks to connect their systems and provide a wide range of banking services. It is committed to adopting advanced technologies in electronic banking and payments, targeting commercial, banking, and governmental sectors in Kuwait.