Central Bank of UAE launches new 24/7 instant payments system
Immediate Payment Instructions launched in 2019 gained limited traction
A subsidiary of the Central Bank of the UAE has launched a 24/7 instant payments system designed to transform the landscape of digital payments in the country.
The central bank began implementing its National Payment Systems Strategy in 2021, after its real-time payments system Immediate Payment Instructions – launched in 2019 – gained limited traction, despite the support of over 70 financial institutions.
In this context, the government approved the formation of Al Etihad Payments in 2020
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