Doha, Qatar: Qatar Central Bank announced that it will launch instant payment service Fawran in March.

The application will let users instantly send and receive funds, using alternative identifiers such as mobile phone number in place of IBAN, it announced on its social media account.

The service can be accessed 24/7 and is introduced in line with the Third Financial Sector Strategy. It added that the initiative is, "based on Qatar Central Bank's efforts to develop the payment systems and electronic funds transfer."

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