GCC to launch new debit card service
Manama, April 28, 2014
An integrated point of sale (POS) service that aims at facilitating purchases using debit cards within the GCC region through all POS terminals will be launched on Thursday, said a top Central Bank of Bahrain (CBB) official.
Bahrain, Kuwait and Qatar are the three countries that will launch the service on that day with the remaining GCC countries joining in the near future, CBB banking services director Ahmed Al Buhiji was quoted as saying in the Gulf Daily News, our sister publication.
A joint project of all GCC central banks and monetary agencies, the service is targeted at extending the benefits derived by the GCC from debit card transactions, since the launch of the GCC ATM service in 1999.
The service is the result of intensive studies conducted by a joint expert team represented by all the GCC central banks, taking into consideration the best interests of all the service stakeholders.
"It is expected to add many benefits to stakeholders, starting from a reduction in general transaction cost to customers, merchants and banks," Al Buhiji added.
Furthermore, funds settlement of all GCC POS purchases will only be maintained within the GCC central banks and monetary agencies, directly in the respective national currencies.
In addition, all GCC debit card transactions will be governed by the rules and regulations of the GCC central banks and monetary agencies, which will also ensure the rights and privacy of stakeholders, the CBB said. – TradeArabia News Service