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Cards

UnionPay to be accepted at all POS terminals in Kuwait

Monday 7 May 2018 | 10:18 AM CET

UnionPay International has signed an agreement with KNET to accelerate the roll out of UnionPay`s cards acceptance and cards issuance in Kuwait.

The Shared Electronic Banking Service Company (KNET) has completed the modification of its POS switch system according to the UnionPay standards. The system will be connected to the local commercial banks and other POS acquirers, which will increase UnionPay’s POS acceptance scope. UnionPay contactless payment feature, including UnionPay IC card QuickPass and UnionPay mobile QuickPass, will all be accepted at these merchant POS terminals.

The two partners have also agreed to build a centralised settlement hub that offers services to financial institutions in and around Kuwait to process settlement of UPI acquiring and issuing transactions on behalf of all local Kuwaiti banks.

Currently, UnionPay cards are accepted in almost 45% of ATM’s in Kuwait to serve local Chinese companies and internationally issued worldwide cards used in Kuwait.

More: Link
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