KIB enhances its banking solutions with the launch of WAMD for instant payments and money transfers through KIB Mobile app
Kuwait, 20 July 2024: Kuwait International Bank (KIB) announced the launch of the new WAMD service, designed to provide a more efficient, secure and convenient experience for customers when making instant payments and money transfers via the KIB Mobile app. The new instant payment system, powered by KNET under the authority and supervision of the Central Bank of Kuwait (CBK), enables straightforward account-to-account money transfers using a valid number, eliminating the need to share sensitive banking information. This launch is part of KIB’s commitment to enhancing its range of digital banking solutions and continuously improving the level of financial services and products, in line with its comprehensive digital transformation strategy.
Commenting on the new service, Fahad Al-Bader, General Manager of the Operations Department at KIB, said: “At KIB, we continuously stay abreast of new and innovative digital banking services and products. Today, we are witnessing a significant leap forward in this field by providing a secure feature on the Bank’s app, which saves time while maintaining the security and privacy of our customers.” He added: “This innovative system will play a major role in facilitating instant payments and money transfers among customers registered to the WAMD service within the Bank or any other local bank. Launching the new service reaffirms KIB’s commitment to developing its digital banking infrastructure to meet customers’ expectations and cater to their growing needs.”
The WAMD service joins the suite of banking solutions supported and provided by KNET. It will be at the forefront of digital payment and transfer methods available to individual customers as a secure alternative to cash, ensuring the highest levels of efficiency and accuracy. All KIB Mobile app users can access and benefit from this service. It features a seamless mechanism, enabling both the sender and the beneficiary to transfer and receive money instantly and at any time, simply by registering for the service using the phone number linked to their bank account. The daily limit of instant transfers via the WAMD service is up to KD 3,000, while the monthly limit is up to KD 20,000.
It is worth noting that KIB continues to develop its banking solutions to meet customer needs, achieve their satisfaction, and enhance their trust. The Bank spares no effort in monitoring changes and studying digital developments in the market to provide the latest services and products in Kuwait and the region. This aligns with its strategic objectives and helps maintain its leading position among the most advanced financial institutions in offering innovative digital banking solutions, embodying its main slogan, “Bank for Life”.
Home >> Business and Economy Section
KIB warns against the risks of sharing personal information on social media appl ...
Volkswagen Kuwait Unveils the All-New Tiguan at an Exclusive Starting Price of 8 ...
ATC Empowers Kuwait to Lead the Digital Healthcare Transformation with Biolog-id ...
KIB announces monthly draw winners of ‘Win with KIB Rewards' campaign
Celebrating Its Greatest Asset: Morad Yousuf Behbehani Group Honors Employees at ...
Burgan Bank Receives CBK's Approval to Acquire 100% Stake in Bahrain's United Gu ...
The Family Office Expands Its Legacy of Progress and Innovation in Wealth Manage ...
Turkish Airlines Sets Guinness World Records™ title for the “Most Countries Flow ...
Ooredoo Kuwait Celebrates the First Anniversary of His Highness Sheikh Meshal Al ...
Extreme Lashes, Extreme Style: essence Goes Bold and Blue for the New Year
Get Ready to Shine – Catrice Drops the Melt & Shine Juicy Lip Balms
Burgan Bank Continues to Support the “Let's Be Aware” Campaign by Spreading Bank ...
KIB announces winners of Al Dirwaza accounts weekly draw
Focusing on Advanced Enteral & Parenteral Nutrition ATC Partnered with Al Amiri ...
Burgan Bank Prepares for 2024 Kanz Annual Mega Draw, with Closing Date set for D ...
Burgan Bank Supports KSH's 9th Vocational Rehabilitation Exhibition Under the Au ...
Ooredoo Kuwait Wins Two Prestigious Awards at the International Business Magazin ...
Škoda Unveils Next-Gen Kodiaq SUV in Kuwait: Bold, Advanced, Sustainable
IATA Launches Air Cargo Device Assessment Program
Ooredoo Kuwait Holds Inaugural Board Meeting Under Dr. Hamad Al Naimi's Leadersh ...