Tuesday, December 10, 2019

Public & Private entities have gone cashless with TAM Dinar

TAM Dinar, a product by Payment International Enterprise (PIE), is Bahrain’s first e-Money which is currently used as an alternative to cash payments by government and commercial entities, with volumes in millions of Dinars. Public and private entities within the kingdom have gone cashless utilizing PIE’s innovative solution including the General Directorate of Traffic, Electricity and Water Authority, Bahrain Customs, Real Estate Regulatory Authority, Survey and Land Registration Bureau, Central Informatics Organizations, Bahrain Royal Medical Services, Polytechnic University, AXA Insurance Company, Medgulf Takaful, and Ministry of Works, among other.

TAM Dinar was launched in 2016, as Bahrain’s first e-Money. It was adopted initially by the General Directorate of Traffic, and several other governmental institutions have since embraced the solution for its seamless experience. By going cashless, institutions would have complete traceability, no cash management and the risks associated with it, transactions that are more secure than ever before, payments protection via end-to-end encryption and less risk of fraud.

This process allows for a transition from physical cash to a completely digital means of transaction. Payment vouchers are issued by TAM kiosks which can be accessed in multiple convenient locations. PIE is responsible for all cash management, live reflection of transactions, daily reconciliation reports and settlements.

Fawaz Ghazal, CEO of PIE, stated “There is an increasing momentum to promote and craft a seamless cashless society, in line with Bahrain 2030 vision. Multiple entities in Bahrain, public and private, have decided to ride the fintech wave to add efficiencies to their daily operations. Governmental and commercial entities that go cashless are alleviated from all the burden and risk of handling cash. In addition, cashless payments could improve convenience in daily lives as well.

PIE is on the front lines of the Fintech industry to get a better understanding of what problems, the trends, and what an innovative, and seamless future looks like. Future plans will focus on increasing the number of entities in Bahrain to innovate, and go cashless. Furthermore, PIE will continue to build and invest in new payment solutions, and business models to deliver real digital transformation to corporations in Bahrain, and the MENA region.

MOST READ

Gulf Air and Middle East Airlines in Codeshare Partnership

Gulf Air, the national carrier of the Kingdom of Bahrain, and Middle East Airlines-Air Liban, the flag carrier of Lebanon, proudly announce their codeshare...

Better late than never by: Dhananjay Mahadev Datar

I got my first award for business excellence in 2003. It was quite surprising and an unexpected development for me. Previously throughout my life...

Thailand on National Day Celebrated in Bahrain

His Royal Highness Prime Minister Prince Khalifa bin Salman Al-Khalifa deputized his Advisor His Highness Shaikh Salman bin Khalifa Al-Khalifa to attend a reception...

Bahrain exports BD154 Million Worth of Trade Products of National Origins during October 2019

The Information & eGovernment Authority (iGA) issued its foreign trade report of October 2019, encompassing data on the balance of trade, imports, exports (national...

SWEET SUCCESS! Interview with Abdul Majeed Theruvath, Director of Jamal Showaiter Sweets

The saying that great things have small beginnings seem to really fit the life of serial entrepreneur Abdul Majeed Theruvath, the Managing Director of...

Under the patronage of H.H. Shaikh Mohammed bin Mubarak Al Khalifa, Huawei celebrates its 15th anniversary

Under the patronage of H.H. Shaikh Mohammed bin Mubarak Al Khalifa, Deputy Prime Minister and Chairman of the Supreme Committee for Information and Communication...

iGA eServices that keep you posted

Bahrain’s ongoing digital transformation is revolutionising the way that many key services are delivered, making life more convenient for the Kingdom’s residents. For example,...

Festive Spirits at The Westin & Le Méridien City Centre Bahrain

Celebrate this special time of the year with The Westin & Le Méridien City Centre Bahrain. Exciting offers from turkey take-away, ginger bread house decorating...

Bahrain Showcases Cloud Experience in USA

Based on invitation addressed to the Information & eGovernment Authority (iGA), the Chief Executive, Mohammed Ali AlQaed showcased Bahrain’s experience with Cloud technology at...

Batelco Hosts Digital Transformation Workshop for Enterprise Customers

In light of the Company’s role as a key player in the Kingdom’s ICT sector, Batelco held a digital transformation workshop for enterprise customers...

New terminal to offer smoother travel experience for passengers with reduced mobility

Bahrain International Airport’s (BIA) new Passenger Terminal Building will deliver a more comfortable and convenient travel experience for Passengers with Reduced Mobility (PRM), Bahrain...

Centrepoint Reopens at Oasis Mall Riffa featuring the Latest Winter Collection

Centrepoint opened its latest revamped store in Oasis Mall – Riffa. The store was inaugurated by Shaikh Hasan bin Rashid Al Khalifa, Srikant Gokhale-...

Wide Bahraini Participation in the the Ironman Middle East 70.3 Championship

HH Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Charity Works and Youth Affairs, National Security Advisor and Chairman...

Fatima bint Mubarak Ladies Sports Academy and Abu Dhabi Sports Council Announce Historic Week-long Celebration of Women’s Sports

Organising Committee confirms the 5th International Conference of Sports for Women and the FBM Sports Awards will be the culmination of five days of...

ISB Teacher becomes the first to gain taekwondo referee certification 

Indian School Physical Education Teacher Dipshikha Baruah has become the first woman from the Indian state of Assam to become an International Referee in...