The Central Bank of Kuwait (CBK) announced that WAMD, Kuwait's domestic instant payment platform operated by KNET, surpassed one million registered accounts in October 2025. Transaction volumes doubled compared to the same period in 2024, though the CBK did not disclose absolute transaction numbers.
WAMD Features
WAMD enables instant transfers between Kuwait-based bank accounts using mobile numbers, civil IDs, or IBAN numbers. The platform supports transfers up to KD 5,000 (approximately $16,300) per transaction with 24/7 availability. All major Kuwaiti banks are now participating.
GCC Instant Payment Landscape
Kuwait's milestone contributes to a broader GCC trend of domestic instant payment adoption. Saudi Arabia's Sarie, the UAE's Aani, Bahrain's Fawri+, Qatar's Fawran, and Oman's forthcoming system mean all six GCC states now have operational or near-operational domestic instant payment platforms.
What This Means
One million accounts in a country of 4.3 million residents (approximately 1.5 million citizens) represents meaningful penetration. WAMD's integration with AFAQ for cross-border GCC instant payments could be a significant growth driver, enabling Kuwaiti residents to send instant payments to family members across all Gulf states.
Sources: CBK, The Paypers