The central banks and monetary agencies of the Gulf Cooperation Council (GCC) have agreed to introduce the integrated GCC POS service for debit cards within the GCC countries.
Following launch, the service will facilitate purchases using all GCC debit card holders within the GCC countries through all POS terminals.
Additionally, the integrated GCC POS service will help further extending the mutual benefits derived by these countries from the GCC debit card transactions, since the launch of the GCC ATM service in 1999.
It is believed that the GCC POS service will provide an array of benefits to the stakeholders, beginning with a decrease in general transaction cost to the end customers, merchants and the banks.
The service will also enable funds settlement of all the GCC POS purchases within the GCC central banks and Monetary Agencies, directly in GCC currencies.
Besides these, all GCC debit card transactions can be governed by the rules and regulations of the GCC Central banks and Monetary Agencies, helping to preserve the rights and privacy of stakeholders.
Expected to be launched on the 1 May 2014, the service under the first phase of the project will cover three nations including Bahrain, Kuwait and Qatar.
Rest GCC countries will join the service in the future.