Regulatory Alerts2019-11-26
POS Payment Service of GCC Net
The Saudi Central Bank issued this circular to activate the POS Payment Service of GCC Net with Kuwait, effective January 1, 2020. It mandates all domestic banks and financial institutions to implement technical, operational, and commercial measures for accepting and processing GCC network card transactions between Saudi Arabia and Kuwait. Institutions must also ensure customer awareness of KNET’s linked processing network and guarantee that all POS terminals accept cards bearing the GCC logo in compliance with approved tariffs.
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