Kuwait plots payment system and digital Dinar

Wednesday 5 December 2018 13:57 CET | News

The Central Bank of Kuwait has outlined its plans for a national payment system and a digital currency.

The bank’s governor revealed that the Kuwait National Payment System (KNPS), being developed with local banks and payment gateways, will be rolled out in two phases in 2019 and 2020.

The system will cover various initiatives including the government electronic banking system, wages protection system, digital currency, and automated clearing house.

For example, the government electronic banking system replaces a paper-based process. This system is live and is being rolled out to all government bodies.

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Keywords: Kuwait, payment system, digital Dinar
Countries: World