Real-time payment system set for launch in Iran

The Central Bank of Iran has given details about its recently announced instant payment system for the country’s banking and payment network.

According to Central Bank of Iran officials, the instant payment system is set for launch in December 2021 and will replace the current card-to-card mechanism for transferring money. Users will have to provide bank account numbers for transfers instead of bank card numbers.

The system is an interbank service under CBI auspices and will handle instant settlement of payments in large and small amounts.