Kuwait expands digital payments to 84%
Digital payments accounted for just 34% of total payments in the country in 2010, according to the local central bank, which has implemented a series of measures to modernize the financial sector. The post Kuwait expands digital payments to 84% appeared first on ANBA News Agency .
According to data from Kuwait's central bank, digital payments now constitute 84% of all transactions in the country, up from 34% in 2010. This significant increase is attributed to the expansion of digital payment systems and fintech services, as well as enhanced cybersecurity measures by the country's central bank.
The Central Bank has implemented various regulatory and technological initiatives to modernize Kuwait's payment infrastructure. These efforts focus on transaction clearing and settlement, interbank payments, check processing, and dispute management. The ultimate goal is to increase the efficiency, security, and reliability of the payment system.
Among the key measures taken, the central bank established a regulatory Sandbox. This experimental environment allows innovative financial technology products and services to be tested under regulatory supervision before wider implementation. Additionally, the bank launched the WOLooj Innovation Hub to foster innovation in areas such as artificial intelligence, digital transformation, information security, fintech, and regulatory technology.
Other initiatives in Kuwait include the launch of a fraud protection accelerator project aimed at enhancing the detection and prevention of electronic financial fraud and raising public awareness of related risks. Furthermore, a scholarship program has been established to support Kuwaitis pursuing master's degrees in financial technology, along with initiatives to promote financial inclusion.
Written by urgent.news from ANBA News Agency's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
