{"id":22610,"date":"2023-04-07T16:21:11","date_gmt":"2023-04-07T16:21:11","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=22610"},"modified":"2023-04-07T16:36:00","modified_gmt":"2023-04-07T16:36:00","slug":"apple-pay-kuwait-knet","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/04\/07\/apple-pay-kuwait-knet\/","title":{"rendered":"Kuwait banks may impose commission on Apple Pay payments via KNET"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\">Kuwait bank may start applying higher commission rates to merchants\u2019 points of sale devices, and impose new fees on \u00a0purchases made through the credit information network card\u00a0<\/span><em><span data-preserver-spaces=\"true\">KNET<\/span><\/em><span data-preserver-spaces=\"true\">, reports\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/alrai.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Al-Rai Daily<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The report noted that banks do not apply any commission on KNET payments yet.<\/span><\/p>\n<p>KNET<span data-preserver-spaces=\"true\">\u00a0is the dominant card-based payment method in\u00a0<\/span><a href=\"https:\/\/www.meretailnews.com\/2023\/02\/28\/consumer-spending-in-kuwait-to-grow\/\">Kuwait<\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Several sources quoting banking sources said that with the uptick in the use of digital payment technology in the local market, especially the Apple Pay service, banks are facing an additional operational cost, since Apple imposes fees on purchase payments made through its service, even if the process is carried out with a KNET card.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The fee collected for each transaction ranges between 0.05 and 0.15 per cent, in addition to the additional operational fees applied by Visa and MasterCard to merchants\u2019 payments collected through their cards.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Card officials in local banks are considering reviewing the list of commissions imposed on merchants who use point-of-sale devices to collect payments for their sales.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Apple Pay entered Kuwait in October by going live in a number of shopping malls in Kuwait prior to a full rollout in the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The partial rollout came after Apple reached an agreement with Kuwait\u2019s Ministry of Finance and the Kuwait Direct Investment Promotion Authority on the operation of the mobile payment service in the country.<\/span><\/p>\n<h1><\/h1>\n<h2><\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Kuwait bank may start charging merchants higher commission rates through points of sale devices in addition to imposing new fees related to purchases made through the credit information network card\u00a0KNET, according to\u00a0Al-Rai Daily<\/p>\n","protected":false},"author":40,"featured_media":22611,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1],"tags":[415,4042],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/22610"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=22610"}],"version-history":[{"count":4,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/22610\/revisions"}],"predecessor-version":[{"id":22615,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/22610\/revisions\/22615"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/22611"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=22610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=22610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=22610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}