The GCCNet Goes live with its new POS
The GCCNet launched the go live of its GCC POS (Point of Sale) service on 1st of May 2014 connecting Bahrain, Kuwait, and Qatar; whereas UAE, KSA, and Oman will join in the near future. The GCCNet was established in 1999 by all GCC Central Banks connecting all switches together to form a regional financial network of the Gulf. In 1999, the GCCNet started with connecting all ATMs together enabling cash withdrawal and balance enquiry across the GCC.
Ever since its inception, the GCCNet has been eager to expand and develop its services. The GCC POS shall enable all GCCNet cardholders to use their GCCNet debit card on any POS terminal in the Gulf. GCC banks’ customers will enjoy easy access to their accounts for inter-gulf transactions with lower exchange rates and tariffs when compared to the international network used before. Thus, GCCNet card holders will not need to carry large amount of cash when traveling within the GCC. Such service is sought to enhance the efficiency of the cash flow within the GCC and support the GCC economy by keeping the income flow with the GCC.
Currently all Bahrain’s debit cards can be used at any POS in Kuwait and Qatar under the GCCNet arrangement and all Kuwaiti and Qatari debit cards can be used at any POS in Bahrain as well.