Kuwait-based Gulf Bank has introduced contactless point of sale (POS) terminals that accept Near Field Communication (NFC) payment through all cards types.

The bank has collaborated with electronic banking services company Knet and MasterCard to launch the new technology.

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The service will initially be available at Costa Coffee outlets across Kuwait, with plans to launch it to other outlets in the country soon. It will facilitate the payment acceptance process across merchants’ outlets and customers’ purchasing process as well.

NFC technology allows customers to make payment through a chip installed in debit and credit cards, which transmit a radio signal when waved or tapped at the POS terminal, resulting in faster and easier payments.

The launch is part of the bank’s commitment to provide a secure, easy and fast purchasing process for its loyal customers.

Gulf Bank CEO Cesar Gonzalez-Bueno said: "The launch of the new POS Terminals with NFC technology reflects our utmost concern to facilitate customers purchasing process while meeting worldwide payment standards."

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Costa Coffee general manager Haamed Al Fulaij said: "This collaboration with Gulf Bank and shift to NFC technology provides our customers with an almost instant payment method, a way to cut wait times, and ultimately speed up service.

MasterCard Southern Gulf area head Pankaj Kathuria said: "We are excited to be a part of the first ever NFC terminal rollout in Kuwait – a huge step in creating simpler and faster payments in the market."