NBK Launches WAMD Instant Payment Service via Mobile App

National Bank of Kuwait has launched the WAMD instant payment service through its mobile banking app, enabling customers to send and receive money instantly using only a mobile phone number.

WAMD, Kuwait's national instant payment system operated by KNET, allows real-time account-to-account transfers between participating banks around the clock. NBK's integration of the service into its mobile app gives customers seamless access to instant payments without leaving their primary banking interface.

The service eliminates the need for senders to know the recipient's bank account number or IBAN, simplifying the payment process significantly. Users register their mobile number as a payment alias, and funds are routed automatically to the linked bank account.

NBK said the WAMD launch is part of its broader digital banking strategy, which has focused on migrating customers to self-service digital channels and reducing dependency on branch visits. The bank has been investing in its mobile app and online banking platforms to provide a comprehensive digital experience that matches or exceeds what customers can accomplish in a branch.

As Kuwait's largest bank by assets, NBK's adoption of WAMD is expected to drive further uptake of the instant payment system across the country. The service benefits from network effects: the more users and banks that participate, the more useful the system becomes for all participants.

WAMD has seen strong adoption since its launch, onboarding a significant proportion of Kuwait's banked population within its first months of operation. NBK's integration adds the country's largest retail banking customer base to the platform.