ACI Worldwide (NASDAQ: ACIW ), a leading global payments technology company, and KNET , the leading electronic payment services provider in Kuwait, today announced that Wamd, the Kuwait instant payment system, has recorded significant growth in the number of transactions processed since its launch in June 2024, making it one of the fastest-adopted instant payment initiatives in the world.

KNET relied on ACI's central digital infrastructure solutions to build the central payment infrastructure for Wamd, a nationwide interconnected system that enables account-to-account ( A2A ) payments via the bank's mobile app or online banking using a phone number. Wamd was successfully completed in less than 15 months, setting a new benchmark in the pace of digital transformation and innovation. Banks in Kuwait have praised the system for providing a seamless, user-friendly, and superior banking experience for customers. With 100% of the country's banks now on board with Wamd, this strong momentum in the growth of instant payments is expected to continue.

Essam Al-Khashnam, CEO of KNET , said: "With the proliferation of instant payments in Kuwait, consumers have shifted toward secure, instant payment methods, changing their habits toward convenience and efficiency, and contributing to reducing reliance on cash. Our main strategy is to provide a safe and reliable payment environment by enhancing existing infrastructure, developing innovative payment systems, and improving service efficiency locally and regionally."

Al-Khashnam added: "The electronic payment service in Kuwait was named ' WAMD ', a reference to the lightning speed and the speed and immediacy of the service. The 'WAMD' service, which is available on the banking applications of all local banks, has achieved great success since its launch, with the number of registered users reaching one million during the first quarter of its launch year.

Once we launched the service in Kuwait, we began laying the groundwork for the next phase of the electronic payment system there, which will build on the success of the first phase. In collaboration with ACI Worldwide, one of our strategic partners, KNET is committed to adopting the latest technologies in the field of digital payments, adhering to the highest internationally recognized standards.

In line with KNET's mission to support Kuwait's national vision for digital transformation, long-term strategic initiatives include integrating Kuwaiti fintech companies into the Wamd platform and enabling account-to-account ( A2A ) payments on electronic point-of-sale (POS) devices for money transfers using dynamic QR codes. KNET also aims to implement a "Request to Pay" service to simplify payment processes for online merchants and provide a more secure and advanced online shopping experience for Kuwaitis.

Kuwait's development into a leading force in instant payments is expected to strengthen the Middle East's position as a leader in payments modernization. According to ACI's "The Best Time for Instant Payments 2024" report, which tracks global instant payments volumes and growth forecasts, the Middle East has been ranked as the world's fastest-growing instant payments market for two consecutive years. Furthermore, instant payments are a powerful enabler of economic progress and financial inclusion. ACI's "Instant Payments: Economic Impact and Financial Inclusion" report indicates that by 2028, instant payments are expected to add more than 167 million new bank accounts and generate an additional $285.8 billion in global GDP growth.

Craig Ramsay, Global Head of Account-to-Account Payments at ACI Worldwide, said: “The pace of adoption of instant payments in Kuwait has been astounding, and is among the fastest in the world. This growing demand for instant payments is encouraging innovation in payments and creating new usage opportunities that stimulate economic growth, enhance financial inclusion, and meet changing customer expectations. Together, ACI and KNET have created one of the most secure and future-proof instant payments systems in the world, placing Kuwait at the forefront of the global instant payments revolution.”

ACI Worldwide has a proven track record of supporting instant payment systems around the world, helping banks, fintech companies, and other payment service providers connect to these systems and deliver new and innovative financial services to consumers and businesses. ACI currently operates 26 local and regional instant payment systems across six continents, including 11 centralized infrastructures. Globally, ACI serves the world's ten largest financial institutions by asset value, providing solutions that transfer trillions of dollars in more than one billion transactions daily.

For the full press release and multimedia materials, please visit Business Wire at : https://www.businesswire.com/news/home/20250527732725/en/

About KNET :

It is worth noting that the Shared Electronic Banking Services Company (KNET), a leading and distinguished company in the field of electronic payment services, is a Kuwaiti company established in 1992 in partnership with existing local banks at that time. The company aims to link all local banking systems in the State of Kuwait, provide a range of banking services through an advanced network, and raise the levels of accuracy, efficiency, and security in conducting financial transactions by providing innovative methods of electronic payment throughout the State of Kuwait. This reduces reliance on paper currencies in daily transactions between various sectors of society, provides innovative payment methods that meet the requirements of various sectors, and develops new payment methods that replace traditional transactions using paper currencies. KNET always seeks to develop the services it provides to keep pace with the latest services.

About ACI Worldwide :

ECI Worldwide is a leading innovator in global payments technology, providing advanced software solutions that enhance the coordination and execution of smart and instant payments, enabling banks, billers, and merchants to drive growth and continue to modernize payment infrastructures securely and seamlessly. With over 50 years of experience in payments, ECI combines a broad global presence with effective local representation to deliver enhanced payment experiences that keep pace with the rapidly changing payments landscape .

Copyright 2025 ACI Worldwide, Inc. All rights reserved.

ACI , ACI Worldwide , ACI Payments, Inc. , ACI Pay , Speedpay , and all other ACI product or solution names are trademarks or registered trademarks of ACI Worldwide, Inc. or one of its affiliates in the United States or other countries. Other trademarks indicated are the property of their respective owners .

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