KNET launches SoftPOS App to empower digital payment services

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KUWAIT CITY Aug 19: KNET announces the launch of the SoftPOS App, targeted toward business owners, and developed to keep pace with technological advancements in the Fintech industry at regional and international levels. This is in line with KNET’s mission to enhance the e-Banking experience for customers, which in turn contributes towards building a social culture that keeps pace with the evolution of digital transformation.

This will lead to a reduction in the dependency on cash by encouraging the use of various electronic payment channels as an effective and safe alternative. This app is being introduced in the market as part of KNET’s endeavor to expand the infrastructure of payment systems in a way that promotes products and services that are secure, efficient, user-friendly and of high quality. Mr. Esam Al-Kheshnam, the Chief Executive Officer at KNET, stated that the SoftPOS application transforms mobile devices running the Android Operating System, and equipped with Near Field Communication (NFC), into a KNET Point-of-Sale device.

KNET has developed the SoftPOS application to satisfy the requirements and the needs of business owners, specifically commercial segments without Point-of-Sale devices. As this application serves low-value, high-volume transactions such as barbershops, tailor shops, taxis/transports, delivery services, and other small business owners, it makes it ideal for stationary or mobility use. Merchants can request this service by contacting their bank; the procedures and requirements of each bank may vary.

Al-Kheshnam added, “This step by KNET comes as part of its strategy to provide a comprehensive and effective infrastructure that enhances fi- nancial and digital inclusion by encouraging entrepreneurship and emerging projects. In addition, KNET’s strategy is aligned with the strategies of Central Bank of Kuwait, specifically those that focus on encouraging innovative digital initiatives and reducing dependence on cash”. Since digital transformation is a fundamental pillar on which Kuwait’s Vision 2035 is based upon, the SoftPOS application contributes to achieving this vision by accelerating innovation and facilitating payments through the latest Fintech.

The Shared Electronic Banking Services Company – “KNET” is the leading and distinguished company in the field of electronic payment services in Kuwait. Since its establishment in 1992, KNET has been providing a wide range of innovative payment solutions, both to Commercial and Governmental sectors. KNET is committed to provide the infrastructure and support to meet the demand of a rapidly growing payment industry

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