KUWAIT CITY, May 28, (BUSINESS WIRE): ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, and KNET, Kuwait’s national electronic banking company, today announced that WAMD, Kuwait’s real-time payment system, recorded significant growth in the number of transactions processed since its launch in June of 2024, making WAMD one of the world’s most rapidly adopted real-time payment initiatives. KNET utilized ACI’s Digital Central Infrastructure solution to build the central payment infrastructure of WAMD, an interoperable, countrywide scheme that enables account-to-account (A2A) payment transfers via a bank’s mobile app or internet banking service by using a phone number. WAMD was implemented in less than 15 months, redefining the pace for rapid digital transformation and innovation.

Banks in Kuwait have lauded the scheme for delivering a seamless and user-friendly differentiated customer banking experience. With 100% of the country’s banks now on board with WAMD, this extraordinary growth in realtime payments is expected to continue. “As real-time payments become ubiquitous in Kuwait, consumers have gravitated toward secure, realtime payment methods, reshaping habits around convenience and efficiency while reducing reliance on cash. KNET’s primary strategic focus is to provide a safe and reliable payment environment by enhancing existing infrastructure, developing innovative payment systems, and improving service efficiency domestically and regionally,” said EsamAlkheshnam, KNET’s Chief Executive Officer. Alkheshnam added that “IPS in Kuwait was given the name ‘WAMD,’ which translates to lightning flash – an indication of the speed of the service. WAMD, which is available on the banking application of all local banks, has gained traction from the start with one million registered users during the first quarter of the launch of WAMD. “As soon as we introduced the service to Kuwait, we began outlining the next phase of IPS in Kuwait, which will build on the success of phase one. Together with ACI Worldwide, being one of our strategic partners, KNET is committed to adopting state-of-the-art technologies in digital payments, adhering to the highest global standards.”

Aligned with KNET’s mission of supporting Kuwait’s national vision for digital transformation, longer-term strategic initiatives include the integration of Kuwait’s fintech players to WAMD and enabling A2A real-time payments in their Electronic Fund Transfer Point-of-Sale terminals using dynamic QR codes. KNET is also looking at implementing the “Request to Pay” service to streamline payment operations for web merchants and provide a safer, enhanced e-commerce shopping experience for Kuwaitis. Kuwait’s evolution into a realtime payment powerhouse is set to further propel the Middle East’s position as a leader in payments modernization. According to ACI’s Prime Time for Real-Time 2024 report, which tracks global realtime payment volumes and growth forecasts, the Middle East has been recognized as the fastest-growing real-time payments market in the world for two consecutive years.

Additionally, real-time payments are a powerful enabler for economic advancement and inclusion. ACI’s Real-Time Payments: Economic Impact and Financial Inclusion report indicates that by 2028, real-time payments are forecast to create more than 167 million new bank account holders and generate $285.8 billion of additional global GDP growth. “Kuwait’s rapid adoption of real-time payments has been impressive and stands out as one of the fastest adoption rates around the globe. The rising demand for real-time payments drives innovation in payments, forges new use cases that stimulate economic growth, promotes financial inclusion, and meets customers’ evolving expectations,” commented Craig Ramsey, global head of account-to-account payments at ACI Worldwide.

“Together, ACI and KNET have created one of the most secure and future-proof real-time payment systems in the world – one that puts Kuwait at the forefront of the global realtime payments revolution.” ACI Worldwide has a strong track record of powering real-time schemes around the world as well as helping banks, fintechs and other payment service providers in the ecosystem to connect to the schemes and offer new, innovative financial services for consumers and businesses. ACI currently powers 26 domestic and pan-regional real-time schemes across six continents – including 11 central infrastructures. Globally, ACI serves all 10 of the world’s largest financial institutions by asset value and provides solutions that move trillions of dollars through more than one billion transactions daily.

About KNET The Shared Electronic Banking Services Company (KNET), a pioneer in electronic payments in Kuwait, was established in 1992 through a partnership of local banks to connect their systems and enable a wide range of banking services through an advanced network. KNET is committed to adopting state-of-the-art technologies in various fields of electronic banking and payments, adhering to the highest global standards. The company’s targeted sectors include commercial, banking, and governmental sectors in Kuwait.

About ACI Worldwide ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities.

Walk into any café in Kuwait City today, and you are more likely to hear the beep of a phone than the rustle of dinars.

According to the Central Bank of Kuwait’s Payment Cards Statistics (2010-2024), card spending has increased from KD 569 million in 2010 to KD 4.64 billion in 2024, representing a 716 per cent rise, one of the fastest payment transformations in the Gulf.

The digital awakening

CBK data points to four forces converging at just the right moment:

Youth demographics drive change With more than 70 percent of Kuwaitis under forty, and smartphone penetration above 90 percent, finance has shifted from branch counters to mobile apps.

A rewards culture takes hold Cashback, airline miles, and instant discounts have coaxed even cash-comfortable consumers to first use plastic, then digital wallets.

Travel and e-commerce boom Prolific travel and online shopping made card acceptance abroad and on global platforms frictionless; suddenly, the world felt smaller.

Smart regulation paves the way Open-API frameworks and robust tokenisation from the Central Bank delivered secure, seamless payments. Tap-to-pay became ubiquitous almost overnight.

A predictable rhythm

Seasonality is now almost clockwork:

Retailers are increasingly aligning their inventory and marketing calendars with these rhythm

The great digital crossover

‘One in every three dinars is now spent online.’

Traditional point-of-sale spending still leads, at KD 1.78 billion in 2024; yet, the real revolution is online, as payment gateways handled KD 1.55 billion, accounting for 34 per cent of all card spending.

What does this mean for Kuwait

Businesses should time campaigns to coincide with Q4’s local surge while capturing Q3’s traveler wallet. Banks must pivot from card issuance to lifestyle ecosystems, including embedded finance, app-based instalments, and seamless cross-border services. Government agencies gain anonymised transaction data that supports everything from inflation tracking to urban planning, while furthering financial inclusion.

Looking ahead

After 2020, quarterly card spend surpassed KD 1 billion and has maintained that level. Cash will not disappear, yet its share continues to slip.

Winners will treat payments not as a cost centre but as a customer-experience advantage, whether through QR-code payments at a corner grocery or friction-free instalments at a national retailer.

Kuwait’s payment revolution illustrates how rapidly consumer behavior can evolve when technology, demographics, and regulation align. The challenge now is for the broader economy to keep pace.

Ali Bahbahani is the founder of Ali Bahbahani & Partners, a Kuwait-based consultancy specialising in customer experience and digital transformation across the GCC. Further insights at www.alibahbahani.com.

Source: Central Bank of Kuwait, Payment Cards Statistics, 2010-2024

By Ali Bahbahani, Founder, Ali Bahbahani & Partners

BIRZEIT, May 25: Birzeit University has awarded an honorary Doctor of Humane Letters (L.H.D) to Mr. Kutayba Alghanim, Executive Chairman of Alghanim Industries, in recognition of his outstanding contributions to education, humanitarian efforts, community development, and private sector leadership. The ceremony took place in Kuwait on May 20, 2025, and was attended by Dr. Hanan Ashrawi, Chair of Birzeit University’s Board of Trustees; Dr. Talal Shahwan, University President; members of the university Board, H. E. Ambassador Rami Tahboub, Ambassador of the State of Palestine to Kuwait, and distinguished figures from the academic and business communities.

In her remarks, Dr. Hanan Ashrawi said: “This recognition honors a man who has championed education as a foundation for building stronger, more just societies. Through his unwavering commitment to educational, economic, and social progress, Mr. Alghanim has set a powerful example of ethical leadership. Today, as we celebrate his achievements, we are reminded of our shared responsibility to defend and advance the values of justice and equity – particularly in light of the grave humanitarian crisis facing the Palestinian people. With the ongoing genocide in Gaza and the forced displacement of families across Gaza and the West Bank, we are witnessing systematic violations that threaten the fundamental rights to life and education. These atrocities demand an even stronger commitment to upholding the principles of freedom, dignity, and learning – not as abstract ideals, but as concrete responsibilities to the next generation.”

Commenting on this, Kutayba Alghanim said: “I am deeply honored to receive this recognition from a university that continues to stand as a beacon of knowledge and perseverance. Birzeit has always recognized that education goes beyond academic pursuit – it’s a symbol of resilience and hope during the hardest of times. I have long believed that the greatest battle we face in our region is the battle against ignorance – and education is our most powerful tool. Birzeit’s role in this fight is not just admirable, it is essential. I believe that investing in knowledge and education is one of the most meaningful ways to shape a more just and balanced future. To be recognized by such an institution, here in Kuwait, a country grounded in humanitarian values and a long-standing commitment to the dignity of the Palestinian people – gives this honor even greater meaning.”

Dr. Talal Shahwan, President of Birzeit University, added: “Mr. Kutayba Alghanim is not only a business leader of great distinction, but also a visionary committed to building more inclusive, equitable communities – where education is prioritized and justice is non-negotiable. His consistent support for education and humanitarian causes across Palestine, the Arab world, and beyond is a continuation of the legacy of his late father, Mr. Yusuf Ahmed Alghanim, who believed deeply in the power of knowledge and the dignity of work.”

Kutayba Alghanim serves as Executive Chairman of Alghanim Industries, one of the largest privately held companies in the Middle East. Under his leadership, the company has embraced a culture of innovation, operational excellence, and forward-looking business practices.

Beyond his corporate achievements, Mr. Alghanim has remained a committed advocate for education and social development. His philanthropic support enabled the construction of the Yusuf Ahmed Alghanim Library at Birzeit University in 1985, and he continues to fund scholarships for deserving students at Birzeit, Arab students at the University of California, Berkeley – his alma mater – and the Lebanese American University, as well as in Kuwait through partnerships with the Arab Open University and the Kuwait Red Crescent Society.

In 2003, he founded the Dar Ilham and Yusuf Alghanim Center in Lebanon, a family-style residential home for orphaned children, and he supports a range of other humanitarian and educational initiatives across the region, including the Children’s Home project in Kuwait. The honorary doctorate is among Birzeit University’s highest honors,