Bahrain to launch national e-wallet on July 4
MANAMA, June 22, 2017
The Benefit Company has joined forces with Lebanese group FOO technologies to launch the National Mobile Electronic Wallet (BenefitPay), an e-payment software designed to streamline payment within the kingdom, on July 4.
A leading technology company based in Beirut, FOO is a specialist in providing innovative and revolutionary technology services for a multitude of sectors including banking, government, and telecommunications.
The national e-wallet is a joint intitiative of the Central Bank of Bahrain (CBB) and Benefit and a first-of-its-kind project in the kingdom. It will enable instant payments via smart phones and also facilitate the collection of payments electronically through debit, credit and prepaid cards and online bank accounts, for online and in-store purchases.
BenefitPay offers a large scale of services whereby users can download an app onto their smartphones and settle payments electronically without the use of cash or a physical card.
The national e-wallet also allows all type of merchants including the electronic company registration holders (Sejily) regardless of the size of their enterprise to receive payments without the use of more sophisticated machines as is the case today, said the company in a statement.
Further, BenefitPay allows merchants to accept and review payments using any smart-device at their disposal. This means that merchants and consumers will be in complete control of transactions and can view transaction history digitally, it stated.
On the progress being made with regard to its implementation, Benefit Company CEO Abdulwahed AlJanahi said: "The first phase of e-wallet, which will see consumers adding their payment instrument information (debit cards) to the app and merchants applying for acceptance of payment using QR code technology, goes live by the end of this month."
"The second phase will kick off no later than the end of this fiscal year with the implementation of Fawri, Fawateer, Near Field Communication payments (NFC), as well as the addition of marketing services for merchants to engage in sales promotion with users of the app," he explained.
Al Janahi said the Benefit Company initiative has already won the backing of for the novel product.
BenefitPay, he stated, would encourage and boost electronic fund transfers and payment in comparison to cash withdrawals; as it will enable all smart phone users to pay and transfer using BenefitPay service in secure and easy manner.
"We believe that this initiative will contribute positively in converting the society to be less dependent on cash. Bahrain is already a leader in the region when it comes to banking and finance, and this allows us to sustain and enhance our leadership in the region," he added.
The Benefit company was established jointly by 17 commercial banks in November 1997 as the national ATM and Point of Sale switch of Bahrain. Today, it foresees the kingdom’s global position in the future of banking in the region.-TradeArabia News Service