KNET General Assembly Session 2014

President of the Board of Directors of The Shared Electronic Banking Services Company (KNET), Dr. Walled Al-Hasawi related that the company had carried out about 167 million electronic payments worth about 12 billion dinars during the year 2014.

In his speech at the annual General Assembly for 2014, he added that the operations carried out included the different means of electronic payment from POS to ATM and others, indicating an average revenue of one billion dinars per month, thus portraying that the overall growth of the company’s operations’ ratio stood at about 15 percent for this period as compared to 2013.

The president said that KNET was committed in its role in the provision of the electronic payment service to the Kuwaiti banks, especially in the field of Point-of-Sale (POS), wherein KNET had installed and operated more than 5,600 POS devices in the year 2014 (a growth rate of 17 percent as compared to the previous year). He noted that the total number of POS devices in the Kuwaiti market and private companies were approximately 39,000 devices, of which 89 percent supported GPRS. The volume of POS transactions completed during the year amounted to approximately 103.3 million worth 6.4 billion dinars portraying a growth rate of up to 17.5 percent.

Mr. Al Hasawi also pointed out that KNET had introduced new products during 2014, supporting the NFC technology (Near Field Communication). Many of the devices that support this feature are in line with the latest technology the world over.

Al Hasawi noted that the number of operations routed through KNET via ATMs in the financial year 2014 had reached approximately 52.5 million and that the total value of the amount drawn was about 5.2 billion dinars. During 2014, KNET had begun a project, facilitated by private companies, which would provide for the electronic payment of telecommunication bills and other government services through ATMs.

Accordingly, Al-Hasawi said that KNET provided many examples of exemplary services, especially in the field of electronic payment via the Internet, characterized by Payment Gateway, providing the highest degree of safety and development in the field of electronic payment, not forgetting that the company was providing this service in keeping with the pace of technological development witnessed throughout the world, and especially with regard to the provision of this service through smartphones and other devices.

Al-Hasawi said, “This service continues to achieve many successes in terms of the number of companies using it, which numbered approximately 599 as of 31 October 2014, an increase of 26.1 percent from the previous period; and this success is evident in the number of operations which amounted to 11 million, an increase of 43.2 percent from the previous period, and the financial value of these operations amounted to 384.5 million dinars, an increase of 34 percent from the previous period”.

Al-Hasawi added that between improving the state of the financial system and the development of new and sophisticated systems, KNET had looked into the mechanization of government payment systems which was reflected in the increased volume of operations for this year, reaching 2.3 million transactions worth 217 million dinars, and pointed out that in 2014 the unique electronic stamp system provided by KNET had been applied in more than 29 ministries and government entities and was expected to be completely operational in all government agencies by the end of 2014. The number of electronic stamps issued during the year was about 930,000 worth three million dinars.

For his part, KNET Chief Executive Officer, Abdulla Al-Ajmi said that the company’s operations in 2014, showed considerable growth in the volume of purchases via the Internet, reflecting a shift in favor of modern payment methods afforded by convenience and flexibility.

Mr. Al-Ajmi pointed out that the number of POS devices reached 40,000 devices distributed over various areas of Kuwait. This step was aimed at expanding basic relations between clients and services provided by the Member Banks through KNET.