BENEFIT, the Kingdom’s innovator and leading company in electronic financial transactions services, has announced the launch of a new service, for the first time in the Kingdom of Bahrain. Customers are now enabled to exchange or transfer money at exchange houses using BenefitPay, the National Electronic Wallet, rather than the use of physical cash. This comes through an agreement signed by Bahrain India International Exchange Co (BIIECO), the first recipient of this service, as part of a series of agreements with the remaining exchange companies operating in the Kingdom of Bahrain to follow.
This step is in line with our efforts to encourage and create a cashless society, working in line with the Kingdom’s vision to strengthen the digital community through launching a variety of services in different sectors, especially the banking sector, which has become dependable on electronic financial transactions.
Commenting on this occasion, Abdulwahed AlJanahi, C.E of BENEFIT, said, “It is our great pleasure to welcome aboard the Bahrain India International Exchange Co (BIIECO) to the BenefitPay mobile application and launch this newly offered service with them, which serves to further expand our rapidly growing number of services, confirming our efforts to digitize all financial transactions. We look forward to moving forward in expanding our service base to serve a wider range of customers, in line with the national plan and the directives of the Central Bank of Bahrain.”
For his part, Lakshmi Narasimhan, General Manager of Bahrain India International Exchange Co (BIIECO), said, “We are delighted to have BENEFIT as a partner in this new service, which will enhance and provide our customers with added payment options provided by the company. BenefitPay 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 the Coronavirus.”
BenefitPay, the Kingdom’s National Electronic Wallet, has over 450,000 registered users and over 3,500 participating stores within a network that accepts the use of BenefitPay as a payment method.