Morocco to Launch Instant Bank Transfer System in May, Revolutionizing Digital Payments

Instant transfers will revolutionize the banking sector in Morocco. This innovation is part of a global strategy to facilitate electronic payments initiated by Bank Al-Maghrib and will involve the readaptation of banking applications to allow all types of payments, including "very small amounts". Scheduled for the first quarter of this year, it will be launched next month, reports Le Matin.

With this new payment service, customers will be able to make payments from their smartphones by scanning a barcode. The reform also includes a higher taxation of cash transactions, planned for this year. The modernization of the banking payment system will reduce the costs of printing banknotes. "The cost to print a 100 DH bill is almost 100 DH, I think, to give you an idea of how expensive cash is for the state," it is detailed.

The instant transfer offers many advantages and should facilitate and accelerate financial transactions for customers who will be able to make money transfers at any time and from anywhere, even on weekends and holidays. In addition to speed and flexibility, this technological revolution will provide greater security in transactions.

The wind of modernization has been blowing on the banking sector since 2015, the year the Central Bank launched the mobile payment application "M-Wallet", offering customers of Moroccan banks the ability to perform financial transactions from their smartphone. A solution that has allowed customers to pay their bills, make transfers and purchases, etc. "Instant transfer and the ability to pay instantly by phone will secure transactions and limit the issuance of checks," notes an expert.