- Kuwait's real-time payment system, WAMD, surpassed one million accounts in its first year.
- WAMD onboarded 30% of Kuwait's banked population within the first three months of its launch.
- Real-time transactions through WAMD increased more than 12 times since 2024, powered by ACI Worldwide and KNET.
In a significant development for Kuwait's financial sector, the real-time payment scheme, WAMD, has surpassed one million registered accounts in just its first year of operation. Launched in June 2024, the system has quickly gained traction, onboarding 30% of the country's banked population within the first three months. This rapid adoption marks WAMD as one of the fastest-growing real-time payment systems worldwide.
The initiative, spearheaded by ACI Worldwide (ACIW, Financial) and Kuwait's national electronic banking company, KNET, has seen a more than twelvefold increase in real-time transactions. This growth highlights the shift towards secure and efficient payment methods, reshaping consumer habits in favor of digital transactions and reducing reliance on cash.
WAMD's infrastructure, built using ACI's Digital Central Infrastructure solution, allows seamless account-to-account (A2A) transfers via mobile apps or internet banking by utilizing phone numbers. All of Kuwait's banks are now integrated with the WAMD system, ensuring its widespread availability and convenience for users across the country.
According to Craig Ramsey, ACI Worldwide's Global Head of Account-to-Account Payments, Kuwait's swift adoption of real-time payments positions the nation as a frontrunner in the global payments modernization landscape. ACI Worldwide, a leader in global payments technology, continues to power several domestic and regional real-time schemes across the globe, supporting financial institutions in delivering innovative payment solutions.
