News Column

CBK launches GCC Point of Sales service for debit cards

April 28, 2014



KUWAIT, April 27 (KUNA) -- The Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Al-Hashel announced the launch of the integrated GCC Point of Sales (POS) service for debit cards within the GCC countries.

In a press statement, Sunday, Al-Hashel said that this service will be available in Kuwait, Bahrain and Qatar on May 1st; the remaining GCC countries will join the service in the foreseeable future.

This launch is the fruit of intensive studies conducted by a joint expertise team represented by all the GCC central banks, said Al-Hashel, who is also the current chairman of the Committee of the GCC Governors of Monetary Agencies and Central Banks.

This service aims at facilitating purchases using all GCC debit cards within the GCC countries through all POS terminals.

Funds settlement of all the GCC POS purchases will only be maintained within the GCC central banks and Monetary Agencies, directly in GCC currencies, he added.

All these GCC debit card transactions will be governed by the rules and regulations of the GCC central banks and monetary agencies, which will also contribute to protecting the rights and privacy of stakeholders, he explained. (end) fnk.abd.nfm

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Source: Kuwait News Agency


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