CBB launches GCC POS service

Manama: April 27 -- (BNA): Central Banks and Monetary Agencies of the Gulf Cooperation Council (GCC) have recently agreed to launch the integrated GCC POS service for debit cards within the GCC Countries. Announced today by the Bahrain Central Bank of Bahrain (CBB), this service which is an expansion of the Gulf Network Service established in 1999 aims at facilitating purchases for all GCC debit cardholders within the GCC countries through all POS terminals and is targeted at further extending the mutual benefits derived by these countries from the GCC debit card transactions, since the launch of the GCC ATM service way back in Year 1999. This successful launch has been the fruit of intensive studies conducted by a joint expertise team represented by all the GCC Central Banks, taking into consideration the best interests of all the service stakeholders. The GCC POS service is expected to add many benefits to the stakeholders, starting from a reduction in general transaction cost to the end customers, merchants and the banks. Furthermore, funds settlement of all the GCC POS purchases will only be maintained within the GCC central banks and Monetary Agencies, directly in GCC currencies. In addition, all these GCC debit card transactions will be governed by the rules and regulations of the GCC Central banks and Monetary Agencies, which will also contribute to the rights and privacy of stakeholders. The service is expected to be launched on the 1st May 2014, and the first phase of the project will cover 3 countries which are the Kingdom of Bahrain, State of Kuwait and State of Qatar. The remaining GCC countries will join the service in the near future. Courtesy: CBB (IY) I.Y