POS Payment Service of GCC Net

Saudi Central Bank Headquarters

Banking Policy Administration

Reference No.:	21002 / 67
Date:	1441/03/29
Attachments:	None

Circular

To Whom It May Concern, Peace, mercy, and blessings of Allah be upon you,

Subject: POS Payment Service of GCC Net.

In continuation of the Bank’s instructions communicated via Circular No. 46206/41 dated 1439/10/20, and Circular No. 371000100598 dated 1437/9/14, regarding the POS payment service of GCC-NET and its associated tariffs; and to complete the ongoing efforts by the central banks of the Gulf Cooperation Council (GCC) countries aimed at integrating payment systems across the GCC states; and in reference to what has been agreed upon during the periodic meetings of the governors of the GCC central banks on linking the national POS networks to the GCC-NET, which constitutes a key pillar in integrating payment systems across the GCC and strengthens mutual cooperation among GCC states;

Please be informed that it has been decided to activate the POS service of GCC-NET with Kuwait, enabling acceptance of POS transactions effective from January 1, 2020. Accordingly, banks and financial institutions are required to comply with the following:

1. Implement necessary technical and operational measures to accept and process transactions on their own POS terminals and those of affiliated merchants, thereby completing purchase transactions via POS between the Kingdom and Kuwait.
2. Implement necessary commercial measures with their customers (holders of GCC network cards) and participating merchants to accept GCC network cards and ensure transaction processing in accordance with approved tariffs.
3. Notify and educate customers holding GCC network cards that purchase transactions in Kuwait will be processed through KNET’s payment network, which is linked to GCC-NET.
4. Process and accept all GCC-NET transactions using cards bearing the GCC network logo, as well as accept GCC network cards on their POS terminals.

For your information and action, effective from the activation date mentioned above.

Yours sincerely,

Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom
• Saudi Payments

P.O. Box 2992, Riyadh 11169 | Telegram: MARKAZI | Telex: 404400 | Phone: 4633000 | Fax: 4662414