POS Payment Service of GCC Net
No: 210020000067 | Date(g): 26/11/2019 | Date(h): 29/3/1441 | Status: In-Force |
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Effective from 2020-01-01 - Dec 31 2019
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Following the instructions of the Central Bank communicated through Circular No. 7039/41 dated 20/10/1439 H, and Circular No. 371000100598 dated 14/9/1437 H regarding the Payment Service for Point of Sale (POS) for the Gulf Payments Network (GCC-NET) and its associated fees, and in continuation of ongoing work between monetary institutions and central banks in the Gulf Cooperation Council (GCC) countries aimed at integrating payment systems among the member states, and referring to what was agreed upon in the periodic meetings of the governors of monetary institutions and central banks in the council to link the POS networks of the GCC countries with the Gulf Payments Network, as this is a vital aspect of integrating payment systems among member states, enhancing and supporting cooperation among the GCC countries.
I would like to inform you that it has been decided to activate the Point of Sale service for the Gulf Payments Network with the State of Kuwait to accept POS transactions starting from 01/01/2020. Accordingly, banks and financial institutions are required to adhere to the following:
First: Take the necessary technical and operational measures to accept and process transactions on their systems and on their POS devices to complete purchase transactions between the Kingdom and the State of Kuwait.
Second: Implement the necessary commercial measures with their customers holding Gulf Network cards and the merchants to accept Gulf Network cards and ensure processing transactions according to the approved tariffs.
Third: Notify and educate customers holding Gulf Network cards that completing purchase transactions in the State of Kuwait will be done through the payment network of (K-Net) linked to the Gulf Network.
Fourth: Process and accept all Gulf Network transactions using cards that bear the Gulf Network logo and accept Gulf Network cards on their POS devices.
For your information, and to act accordingly from the activation date mentioned above.