The Shared Automated Banking Services Company (Knet) said that the value of electronic payment operations through its channels, including Points of Sale (POS), Automated Teller Machines (ATM) and the Internet, amounted to KWD 27 billion (about USD 89 billion) in 2021, up by 46% compared to last year through processing 558 million transactions.
The Company’s Chairman, Mr. Adel Al-Majed, explained, in a speech during the Annual General Assembly (AGM) that was held yesterday, that the services provided by (K-Net) have expanded to include both local and foreign banks operating in the Kuwaiti market, in addition to expanding the connection of the local payment network to include many channels including ATMs, POS, integrated point of sale and electronic payment gateway.
He added that the company played a major role in contributing to overcoming the challenges and difficulties during the COVID- 19 pandemic in Kuwait by continuing to provide all electronic payment services, especially after the great fear of users from dealing with cash in compliance with health requirements.
He also indicated that (KNET) kept pace with the State of Kuwait’s strategy aimed at digital transformation and adoption of modern technologies, as the application of electronic stamps was launched with the aim of paying transaction fees in a quick and easy way, in cooperation with the Ministry of Finance.
Meanwhile, the CEO of the Company, Abdullah Al-Ajmi, said in a similar speech that the total volume of operations completed through POS devices amounted to about 334 million during its fiscal year ending on October 31, and the value of operations through it reached about KWD 11 billion (about USD 36.3 billion dollars).
Al-Ajmi added that last October witnessed a new record in POS operations, reaching 35 million transactions worth KWD 1 billion (about USD 3.3 billion), noting that the number of the company’s current POS devices reached 80,000.
On the electronic payment gateway, Al-Ajmi explained that it represents the most important digital banking services provided in Kuwait as it is considered a strategic pillar for the company’s growth and development, indicating that it depends on providing the appropriate infrastructure to support and facilitate e-commerce operations in Kuwait and promotes integration between the private and public sectors.
He added that (KNet) electronic payment gateway is “secure” and allows government agencies to collect payments in exchange for selling goods and services over the Internet, indicating that the number of electronic payment operations via the Internet in 2021 amounted to about 159 million transactions, worth KWD 9.7 billion (about USD 32 billion) for 2516 electronic entities.
He referred to the government electronic payment system (Tasdeed), stating that an agreement was signed in 2008 between the Company and the Ministry of Finance in coordination with the Central Agency for Information Technology, with the objective to connect between many government agencies and the banking sector in order to facilitate government transactions for both individuals and institutions.
He highlighted that government electronic payment operations increased in 2021 by 45% through its three channels represented in the electronic portal, individual points of sale, integrated points of sale, mobile payment and electronic payment.
The number of POS operations in government agencies in 2021 amounted to about 12 million with an aggregate value of KWD 332 million (about USD 1 billion), while the number of online payment operations for agencies reached 9 million operations, at KWD 700 million (about USD 2.3 billion), while the number of government stamps issued reached 13 million at KWD 161 million (about USD 531 million).
Knet was established in 1992 in partnership with all local banks to link the systems of local banks to provide a range of banking services with advanced technologies.