Central Bank of UAE launches new 24/7 instant payments system

Immediate Payment Instructions launched in 2019 gained limited traction

Central Bank of the UAE
Central Bank of the UAE
Photo: Achilver/Wikimedia Commons

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account