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Kuwait : CBK to introduce GCC Point of Sales service for debit cards from 1st MAY

April 28, 2014

The Central Bank of Kuwait to introduced the integrated GCC Point of Sales (POS) service for debit cards within the GCC countries from 1st May, following intensive studies conducted by a joint expertise team represented by all the GCC central banks, announced by Dr. Mohammad Al-Hashel, the Governor of CBK.

He stated that from 1st May the service will be available in Kuwait, Bahrain and Qatar, while the remaining GCC countries will get the service in the foreseeable future.

This service is intended to boost purchases using all GCC debit cards within the GCC countries via all POS terminals, said Al-Hashel, who is also the current chairman of the Committee of the GCC Governors of Monetary Agencies and Central Banks.

He added that, 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 explained, 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.

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Source: TendersInfo (India)