Launching "Apple Pay" Service Having Met all the Legal and Regulatory Requirements
Having fulfilled all the legal and regulatory requirements of the other regulators, the Central Bank of Kuwait (CBK) announced the complete launch by several Kuwaiti banks of “Apply Pay” services provided by Apple International in the local market. This demonstrate CBK’s keenness to support and help develop easy and quick digital services to the public at the highest security standards that ensure protection of the customer’s banking information.
In its statement, CBK mentioned that it started giving its approvals in 2019 for the Kuwaiti banks applied to provide “Apply Pay” services in the Kuwaiti market in line with its endeavors to develop all modes of digital services and, hence, encourage Apple International to fulfill the legal requirements of the other regulatory authorities.
CBK pointed out that several Kuwaiti banks have started providing Apple Pay service as of December 06, while the rest are in the process of launching the service in the coming period, noting the tests conducted by Kuwaiti banks and the Shared Electronic Services Company (K-Net) before launching the service to ensure the highest security and privacy standards.
It is worth mentioning that CBK has previously approved similar digital payment services, including Samsung Pay and Fitbit Pay, which have been operating in the Kuwaiti market for years. By launching Apple Pay service, the main global digital payment services are now present in the State of Kuwait.
CBK concluded by stressing its keenness to provide a stimulating environment for modern financial technologies, including e-payment to elevate the efficiency of payment systems in Kuwait for the benefit of the national economy.