KUWAIT: Oula Fuel has become the pioneering fuel station chain in Kuwait by enabling visitors with debit cards from Gulf Cooperation Council (GCC) member banks to make payments. This marks the first instance in Kuwait where GCCPOS debit cards are accepted at fuel stations, as announced by The Shared Electronic Banking Services Company ‘KNET’.
Esam Alkheshnam, the Chief Executive Officer at KNET stated: “This step underscores KNET’s crucial role in the current expansion of GCC card acceptance within the State of Kuwait. KNET is widely recognized as the pioneer behind GCCNET, an ATM network that facilitates debit card cash withdrawals across GCC countries. Moreover, KNET is a prominent advocate for the development of Kuwait’s banking sector, offering a comprehensive suite of advanced services and solutions in the realm of digital payments.
In addition to its online payment gateway, KNET connects ATM machines and Point-of-Sale devices in Kuwait, as well as those in GCCNET/GCCPOS member countries.” The stakeholders and facilitators at Al-Ahli Bank of Kuwait, Warba Bank, KIB and Ahli United Bank have played an effective and key role in introducing the service to all POS devices operating at “Oula Fuel” – totaling 43 fuel stations.
In alignment with the ongoing digital transformation and a concerted effort to decrease reliance on physical cash, this action underscores KNET’s dedication and contribution towards Kuwait’s vision amidst the persistent expansion of digital payment volumes. The Shared Electronic Banking Services Company “KNET” is the pioneer in electronic payments in Kuwait.
KNET was established in 1992 with the partnership of the local banks to connect all local bank’s systems and enable wide range of banking services through an advanced network. KNET is committed to pursue and adopt state of the art technologies in various fields of electronic banking and payments to the highest standards available globally. Amongst the targeted sectors are the commercial, banking, and governmental sectors in the State of Kuwait.