Benefit, the kingdom’s innovator and leading company in Fintech and electronic financial transactions services, has announced the launch of a new cashless service for BenefitPay users.

 

The service enables users to exchange or transfer money at exchange houses using BenefitPay, the National Electronic Wallet, without the need for physical cash, through an agreement signed by NEC, the leading exchange company in digital products and services in Bahrain. 

 

This agreement is a part of a series of agreements that will follow with the remaining exchange companies operating in Bahrain.

 

Commenting on this occasion, Abdulwahed AlJanahi, CE of Benefit, said: “This newly offered service serves to further expand our rapidly growing number of services, confirming our efforts to digitise all financial transactions. We look forward to moving forward in expanding our service base to serve a wider range of customers. Our efforts are in line with the national plan and the directives of the Central Bank of Bahrain, to encourage and create a cashless society to strengthen the digital community through launching a variety of services in different sectors.”

 

Fuad Nonoo, Managing Director, NEC said: “This new service is the first of its kind in the kingdom of Bahrain. This partnership will enhance and provide our customers with added payment options provided by the company. Benefit Pay is amongst the most innovative tools which allow for the operation of electronic payments, allowing our customers to have more electronic options, especially during these difficult times where our focus is directed at reducing the use of physical cash, in line with the preventative measures taken to combat Covid-19.”

 

BenefitPay has over 450,000 registered users and over 3,600 participating stores within a network that accepts the use of BenefitPay as a payment method. -- Tradearabia News Service