Kd 27 Billion Spent By Citizens, Residents Through K-net Services During 2021

Adel Al-Majed, Chairman of the Board of Directors of the Shared Automated Banking Services Company ‘Knet’, said the company played a major role in contributing to overcoming the challenges and difficulties that emerged during the Corona pandemic by continuing to provide all electronic payment services.

Al-Majed told the company’s general assembly yesterday that Knet continued to make updates and developments on its network to support the largest number of merchants and customers during the pandemic, which is still continuing to the present time, reports Al-Anba daily.

He pointed out the company coordinated with Kuwaiti banks to expand the use of their services in banking activity, as it launched many electronic payment services and solutions in the market during 2021, which supported the state in confronting and reducing the negative effects of that pandemic.

The Knet CEO Abdullah Al-Ajmi indicated the general index for the performance of electronic payment operations in 2021 witnessed an increase of 46% to achieve approximately 558 million payment transactions, which was nearly 27 billion dinars, including 21 billion for electronic payment and points of sale, which was nearly 27 billion dinars. It means that 80% of the transactions were done without the use of cash.

He pointed out that Knet worked on building a new strategy for the company for a period of 5 years, which has been approved and includes 3 main axes related to the development of current services in terms of devices and new payment methods, restructuring the company and developing it with human and technical resources.

 

SOURCE   :   TIMES KUWAIT

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