The Benefit Company has launched the National Mobile Electronic Wallet (BenefitPay), an electronic wallet that will allow shoppers to pay using their smartphones, in partnership with Lebanese group FOO technologies.

The national e-wallet is a joint intitiative of the Central Bank of Bahrain (CBB) and Benefit and a first-of-its-kind project in the kingdom.

It will enable instant payments via smart phones and also facilitate the collection of payments electronically through debit, credit and prepaid cards and online bank accounts, for online and in-store purchases.

It has been developed by Benefit, which handles the country’s electronic fund transfers and ATM transactions, in partnership with Lebanese fintech firm FOO.

The National Mobile Electronic Wallet (BenefitPay) is a mobile application that allows users to make or receive payments without the use of cash or credit and debit cards, said Benefit chief executive Abdulwahid Janahi during a Press conference at the InterContinental Regency.

All users need to do is download the app, create an account using their CPR and mobile numbers and register using a one-time-password received through SMS, stated Al Janahi.

“Users will be assigned a PIN number and can also use their fingerprints to authorise BenefitPay to make the payment,” he added.

Merchants will be able to get BenefitPay by first contacting the acquirer bank who will send them log in credentials via email allowing them to set up virtual branches and then begin using BenefitPay to receive business related payments over their smart devices through the merchant version of the app.

The launch of BenefitPay is divided into two phases, the first of which was kicked off yesterday.

The first phase uses QR code scanning to facilitate payments between registered consumers and merchants.

The second phase will see BenefitPay’s integration with the Electronic Fund Transfer System adding Fawri+ and Fawateer as well as a technology upgrade to add Near Field Communication (NFC) payments.

"The second phase will kick off 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," said Al Janahi.
 
Marketing services for merchants to engage in sales promotion with users of the app will also be included in the second phase.

Al Janahi pointed out that solutions like the e-wallet would play a key role in boosting trade and commerce.

"There will be an increase in buying and spending due to easier and faster fund transfers and payments and avoiding the hassle of cash withdrawals and use of special machines," he added.-TradeArabia News Service