BenefitPay allows payments to be made digitally without the use of cash or cards. Through this form of payment, transactions can be sent or received quickly just by using the BenefitPay App on the smartphones. It’s a safe, secure as well as a very convenient mode of payment for both the consumers and the merchants. With the introduction of new innovative products and services, BenefitPay plays a major part in setting Bahrain as a regional FinTech hub. This easy and fast mode of payment enhances operation and supports cost optimization thereby empowering many businesses. It also gives millennials the opportunity to practice the trending concepts, keeping them technologically updated on par with other advanced countries.
1. What is BenefitPay?
BenefitPay is the National Electronic Wallet Payment System. It is a method to streamline payments in the Kingdom of Bahrain and allows consumers and merchants to transact without the use of cash or cards. Instead, they can download an app on their smartphones to either send or accept payments completely electronically, securely, and immediately.
2. Why should Bahrainis use BenefitPay?
BenefitPay is a safe and secure way to Pay anytime, anywhere. It enhances convenience for both the buyer and the seller and encourages spending in the national economy. Due to added convenience, payments can be made and received.
3. How does BenefitPay work?
BenefitPay app works using QR Code Scanning Technology. There is a one-time step of the addition of the card, which is saved securely. Then a customer scans a QR code from the merchant app, enters proper authentication, and the transaction occurs safely and securely.
4. How does BenefitPay integrate with existing Benefit services?
Any customer of a participating bank can pair their debit card at the first phase to BenefitPay an. By December of this year we will tie in credit cards, and accounts to BenefitPay allowing all our customers to use all our Electronic Fund Transfer System (EFTS) services congruently.
5. What payment methods are supported?
For the first phase that is live starting July 2017, Benefitpay app will support payments over merchant counters using local debit cards. In the upcoming phases, The wallet app shall support multiple payment instruments (Cards, Accounts, Stored Value Accounts etc…) and shall avail the following services:
- Payments using Credit cards
- Through the Mob App payments or websites
- P2P transfers through Fawri+
- Bill payments through Fawateer
- And more.
6. Who are the participating banks?
All Benefit affiliated retail banks are participating and these are:
- Ahli United Bank
- AlBaraka Islamic Bank
- AlSalam Bank
- Arab Bank PLC
- Bahrain Islamic Bank
- Bank of Bahrain and Kuwait
- BMI Bank
- Credit Lebanese
- Habib Bank Limited
- Housing Bank of Trade and Finance
- ICICI Bank
- Ithmaar Bank
- Khaleeji Commercial Bank
- Kuwait Finance House
- Mashreq Bank
- National Bank of Bahrain
- National Bank of Kuwait
- Standard Chartered Bank
- State Bank of India
- Untied Bank Limited
- Gulf International Bank
7. How does the consumer use BenefitPay?
- The customer may download the BenefitPay app, enter his mobile number and agree on the terms and conditions provided.
- BenefitPay will verify the customer by sending an OTP message to the registered mobile number.
- The user will set a PIN and his Fingerprint to access the BenefitPay.
- Customer may start by adding his payment instruments information i.e. Debit Cards.
8. What is the difference between phase 1 and phase 2?
- Phase 1 By 4 July 2017 Includes:
- Customer mobile app
- Merchant app
- Acquirer and merchant management tools
- Enabling of at least one method of payment
- QR code payment mechanism
- Customer and merchant notification module
- Phase 2 By 31 December 2017 Includes:
- Near Field Communication payment mechanism
- Enabling Fawri + and Fawateer compatibility
- Marketing module
- Enabling online payment over merchant mobile/website application
9. What are the benefits of BenefitPay to consumers?
- Free of charge
- Convenient and fast, no need to carry the wallet or cards anymore
- Pay directly from the debit cards without the hassle of topping up accounts
- Safe and Secured
- Reduce usage of cash
- Fashion payment
10. What are the benefits of BenefitPay to merchants?
- The merchant can use any smartphone or tablet available to install our app and start accepting payments.
- The merchant has full control of managing the branches and terminals accepting the payments.
- The merchants will be provided an online tool where they can manage the service, and have access to reconciliation reports 24/7.
- Terminals will provide freedom to accept payments at any point in the branch, and to be extended even to delivery service.
- Payment notification will be shown instantly to merchant terminal, and to customer.
- Enabling small merchants and virtual CR holders to make and accept electronic payments.
- The system is built on most secure standards, and will be provided to the public to download free of charge.
11. How do merchants use BenefitPay?
- Merchant approaches the Acquirer for service registration.
- Acquirers will be provided with Merchant Admin portal to enroll merchants and its branches.
- Acquirer will activate the merchant using Merchant Admin portal, and will send an email to the merchant with login credentials and activation tool for the Merchant app.
- The Merchant will be provided with a web portal to setup their branches and Terminal users.
- Merchants can download the BenefitPay merchant app to their tablets or smart devices from iOS/Android app stores.
12. BenefitPay features ( Web checkout and In App feature)
An In-app and Web checkout feature which will allow the merchant customers to pay using BenefitPay application directly through the merchant website or application in a seamless experience and a very convenient way.
The process shall eliminate the steps customers today follow while paying with Cards; as it won’t require the customer enter his cards details each time he/she make a payment.
13. List of merchants in BenefitPay.
14. How secure is BenefitPay?
- All components of the system shall be complied with PCI-DSS Standards
- All customer information shall be encrypted and stored in a secured manner
- All Payment instruments shall be Tokenized (i.e. HCE) and stored as per International Schemes Standards
- Payment methods (i.e. QR Code, NFC) are interoperable and built as per international schemes standards
15. What is Fawri+?
Fawri+ is a near real time fund transfer service which allows customers/corporate to transfer funds up to BD 1,000 per day in less than 30 seconds 24*7*365. Fawri+ ensures a full straight through process flow with no manual intervention. With just the beneficiary IBAN (International Bank Account Number) and the amount, the fund is credited by maximum 30 seconds into the beneficiary account.
16. What is Fawri?
Fawri is a deferred settlement fund transfer service which allows customers/corporate to transfer any amount within a few hours in the business day. Fawri processes single transfers or bulk transfers such as salaries and vendor payments in an efficient and automated manner.
17. What is Fawateer?
Fawateer aggregates bills from multiple billers and present those bills to the customers/corporate in one interface. Fawateer provides real time bill payments and enquires which allows the customer to pay the bills within 30 seconds. Fawateer also facilitates Direct Debit service which automates bill payments. Direct Debit allows billers (as per the authorization of customer) to debit the customer's account in regular basis on the due date of their bills without the need for the customer to worry about the payment.
To download the app: