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Highlights

  • WAMD processed over one million users in Q1 2024, within months of launch
  • All of Kuwait’s banks are live on the real-time payment platform powered by ACI infrastructure
  • Middle East identified as fastest-growing region for real-time payments for second consecutive year

ACI Worldwide (NASDAQ: ACIW) and Kuwait’s KNET reported rapid adoption of the WAMD real-time payments platform, launched in June 2024. The system, which allows account-to-account (A2A) transfers using mobile banking apps and phone numbers, surpassed one million registered users in its first operational quarter. According to both organizations, this growth makes WAMD one of the world’s fastest-growing real-time payment systems.

The nationwide platform was built using ACI’s Digital Central Infrastructure solution and became fully operational in under 15 months. All banks in Kuwait are now participating, making the system fully interoperable. KNET, which oversees the country’s national electronic banking services, cited increased demand for cashless and real-time payments as a major factor driving uptake.

As financial behaviors shift, WAMD’s adoption underscores a broader trend in the Middle East. ACI’s Prime Time for Real-Time 2024 report identifies the region as the fastest-growing real-time payments market globally for the second year in a row. Looking ahead, real-time payments are projected to create more than 167 million new bank account holders worldwide and add approximately $285.8 billion to global GDP by 2028, per ACI’s economic impact research.

Beyond consumer transactions, KNET is working on further integrations. These include enabling real-time payments at EFTPOS terminals through QR code use and launching a "Request to Pay" service for e-commerce. These additions are aligned with Kuwait’s broader national digital transformation strategy.

For ACI Worldwide, which powers 26 domestic and regional real-time payment systems globally, the WAMD project enhances its portfolio in central infrastructure projects. The company’s involvement in Kuwait further reflects a shift in strategic focus toward regions with rapid fintech evolution and payment modernization.