Arab Financial Services (AFS), the Middle East and Africa region’s foremost payment solutions provider and FinTech enabler, and Batelco, Bahrain’s leading digital solutions provider, have announced a big increase in the bwallet maximum balance and transaction limits. 

 

The maximum balance limit has been increased from BD200 to BD1,000 and the bwallet maximum transaction limit has gone up from BD200 to BD500. The new limits allow bwallet users to now conduct both small and large value transactions, purchasing a larger variety of items including household goods and electronics, said a statement.

 

Bwallet, Bahrain’s leading digital mobile wallet and the first of its kind to provide peer-to-peer money transfer, was launched earlier this year by AFS in partnership with Batelco. It has since been rolled out across thousands of leading retail businesses, cinemas, hotels, F&B and entertainment outlets throughout the kingdom and is being utilised daily by an ever-growing customer base. 

 

Bwallet users can simply scan a QR code for seamless transactions and enjoy quick, secure and easy cashless payments with exclusive benefits through their mobile phones.

 

B Chandrasekhar, chief executive officer of AFS, said: “In 2018, since bwallet’s launch, we’ve seen it become a highly popular way to pay for small transactions. In fact, it is fast becoming many users’ “go to” payment option. With the increased balance and transaction limits that we have now rolled out, we are giving bwallet users the chance to expand the types of purchases they make, giving them the freedom to use this popular payment method for larger transactions. We are delighted to see that bwallet usage is the norm for an increasing number of consumers who have embraced this innovative payment method. Paying with bwallet is not only quicker, but it is easier, safer and more secure and, ultimately, supports the Kingdom of Bahrain’s growing digital economy and the move to a cashless digital society.”

 

Batelco chief marketing officer Abderrahmane Mounir said Batelco is delighted with the ongoing evolution of bwallet and very pleased to witness both the growth in retail outlets offering the service and subscribers using the service in place of more traditional payment methods. “The increased balance and transaction limits makes bwallet more attractive to a wider audience allowing them greater scope for their shopping trips.”

 

AFS serves over 75 clients across the financial sector in more than 21 countries. It is owned by 39 banks and financial institutions and regulated by the Central Bank of Bahrain. The company offers innovative and end-to-end payment services and solutions that span card processing, merchant acquiring, FinTech and a state-of-the-art value-added services suite. AFS has offices and data centers in Bahrain, UAE and Oman, and was the first processor in the region to become Payment Card Industry Data Security Standard (PCI DSS) 3.2 certified.  – TradeArabia News Service