Regulatory Alerts2018-07-04
POS Payment Service of GCC Net
The Saudi Central Bank (SAMA) issued Circular No. 7039/41 to mandate all local banks and financial institutions to coordinate with Saudi Payments (Mada) on technical and operational readiness for the newly launched POS Payment Service of GCC Net with Bahrain. The circular requires banks to enable their store terminals to accept purchases from Bahraini-issued cards regardless of international payment networks, and to establish direct connections with Benifit’s Bahraini payment system while updating customer agreements and providing SMS notifications for cross-border transactions. Banks must conduct necessary testing, inform merchants and customers about the service pricing and benefits, and ensure all operational guidelines reflect these cross-border payment capabilities.