The Shared Electronic Banking Services Company “KNET” is planning to implement a new method for financial transfers via the phone number.

The proposed plan is to carry out the financial transfers in one step through a new smart phone application by specifying the recipient’s phone number, along with the value of the amount to be transferred, reports Al-Rai Arabic newspaper. This will avoid the need to login to the Banks mobile application and generate payment link to receive a payment.

The individual user who wishes to transfer or benefit from this service must register with the application using his phone number registered with the bank. The sources reported that there will be a maximum limit of 1,000 dinars for this type of transfer.