The BENEFIT Company in collaboration with Central Bank of Bahrain is in process to introduce the National Mobile E-Wallet
The BENEFIT Company in collaboration and with support from Central Bank of Bahrain has initiated the implementation of a National Mobile E-Wallet to enable instant payment through Smart phones. This innovative payment service comes as part of the Company’s strategy to provide payment solutions to the financial sector and community of the Kingdom of Bahrain. This initiative comes as part of Bahrain’s leading position in providing innovative payment services and shall contribute to maintain the leading position in the region.
The BENEFIT Company has signed with FOO, a leading technology Company, for the implementation of the E-Wallet service to enable instant Payments through the smart phone. The signing ceremony was held at BENEFIT premises between Mr. Abdulwahed AlJanahi, CEO of BENEFIT and Mr. Ghady Rayess MD of FOO. Mr. Abdulwahed AlJanahi stated BENEFIT is committed to enhance the financial and banking services in the Kingdom of Bahrain.
BENEFIT organized a workshop on 4th May for the Banks at the Regency Intercontinental hotel; which was presented by Mr. Ahmed AlMahri, Assistant Manager, Business Development division, and focused on detailing the service functions and workflow. This was followed by a presentation done by Mr. Ghady Rayess MD of FOO on the technical specifications of the service.
The service will allow customers to add any payment instruments they own like the Debit Cards, Credit Cards, Prepaid Card as well as the account, to the digital wallet and be able to pay using their smart mobile at merchant counters without the need to carry their physical wallet or present their physical card; all of which will be delivered in a secure and efficient manner.
The Service shall not be limited to payment at the merchant counter but will cover a variety of services that shall form a one stop shop for customers to pay all their dues and more. The solution will provide merchants with an application to allow them to accept payment from customers using the national mobile E-wallet that will be provided by BENEFIT; the merchant shall use any smart device they own to accept the payments and they will have full digital access to reports and features that does not exist today. In addition to all the mentioned features, the solution shall help merchants as well as the customer to depend less on cash and hence be more secure.
The service will be implemented in 2 phases; the 1st phase which will go live by end of June 2017 will cover the following features and services: customer application to add their payment Cards (Debit cards), Merchant Application to be able to receive payment using QR code technology.
The 2nd phase which is planned to go live by no later than December 2017 shall cover wider features and services including: Fund transfers through Fawri+ service, Bill Payment through Fawateer, NFC (Near Field Communication) feature on POS devices, and marketing features for banks and merchants to promote their services and provide rewards to their customers through the Application.
The Nationl Mobile E-wallet application shall be secure, easy to use, FREE of charge, and allows large, medium, small merchants and virtual CR (sijily) holders to accept electronic payments without the need to have sophisticated machines, all can be done through a simple application that can be installed on any Android or iphone smart mobile devices or tablets which everyone owns today, and can be distributed to all merchant’s staff and delivery staff as well.