The BENEFIT Company in collaboration with FOO technologies have created the National Mobile Electronic Wallet (BenefitPay), e-payment software designed to streamline payment within the Kingdom.
BenefitPay provides a large scale of services whereby users are able to download an app onto their smartphones and settle payments electronically without the use of cash or a physical card.
BenefitPay 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.
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.
The first phase of E-wallet will go live by the end of this month, which will consist of consumers adding their payment instrument information (Debit Cards) to the app and merchants applying for acceptance of payment using QR code technology.
The second phase shall commence 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.
Mr. Abdulwahed AlJanahi, CEO of BENEFIT Company commented on the progress being made with the implementation of the National Mobile Electronic Wallet (BenefitPay) saying “BenefitPay shall encourage and increase 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. “
The CBB welcomes the initiative of The BENEFIT Company to launch this product, wishing them more success to serve the financial sector.