UNITED ARAB EMIRATES — The UAE Interbank switch is being upgraded with point-of-sale services, according to a report in the Gulf News.
S2 Systems will upgrade the UAE switch following the signing of a contract with the Central Bank. The value of the contract was not disclosed.
The UAE switch will provide a payment link to the growing number of e-government and e-commerce initiatives in the UAE.
"The upgrade will change UAE Switch's mode of operation and will add point-of-sale services which will enable the creation of a national POS network," a Central Bank statement said. "This initiative shows the continued commitment of the Central Bank to provide a state-of-the-art national payments infrastructure."
S2 Systems installed the UAE switch system in 1995.
An official of the Central Bank said yesterday that customers of banks could avail of several new services through ATMs.
The official said customers using POS terminals will incur convenience fees similar to those charged for ATM usage, according to Gulf News.
