(MENAFN- Qatar News Agency) Kuwait April 27 -Governor of the Central Bank of Kuwait (CBK) has launched the integrated GCC Point of Sales (POS) service for debit cards within the GCC countries.
CBK's governor Dr. Mohammad Al-Hashel said in a press statement relayed by KUNA Sunday 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 he noted.
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.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.