The Central Bank of Bahrain (CBB) has announced that it is working closely with BENEFIT to launch the first phase of the national electronic wallet, the first of its kind in the Kingdom, at the end of June this year.

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

Customers will also be able to transfer funds using the wallet for Fawri, FawriPlus, online bill payment and other types of payment services that will be available in future.

Sheikh Salman bin Isa Al Khalifa, executive director of Banking Operations at the CBB said: “The national electronic wallet, which is a joint initiative of the CBB and BENEFIT, serves as an important step in enhancing the financial sector by providing innovative payment solutions aimed at both public and private sectors in the Kingdom.” – TradeArabia News Service