Regulatory Alerts2022-07-19
POS Payment Service of GCC Net
Saudi Central Bank (SAMA) has activated the POS Payment Service of GCC Net in Qatar, effective August 1, 2023, requiring all domestic banks and financial institutions to implement technical, operational, commercial, and customer awareness measures for cross-border purchases. The directive mandates that banks process all GCC Net logo-bearing transactions via the NAPS-linked payment network, ensure tariff compliance for cardholders and merchants, and update POS terminals to accept these cards. This circular builds upon prior SAMA instructions and GCC central bank agreements to fully integrate regional POS networks and enhance cross-border payment interoperability.
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