Amazon Payment Services, a regional leader in digital payments operating across the Middle East and North Africa (MENA) region, has expanded its services to Bahrain with the addition of the Benefit payment method to its network. Amazon Payment Services merchants can now accept payments made through Benefit, Bahrain’s electronic network for financial transactions, while continuing to get support for global payment methods.

As the main network for all electronic financial transactions throughout Bahrain, Benefit accepts and processes payments from all locally issued debit cards. Customers in the country can now use their Benefit-enabled cards to shop online with Amazon Payment Services merchants by selecting the Benefit payment option upon checkout.

Commenting on the launch, Peter George, Managing Director for Amazon Payment Services in MENA, said: “Our overarching goal at Amazon Payment Services is to offer convenient, seamless and secure digital payments to our merchants across the region. Our launch in Bahrain supports this vision, helping merchants in the region to serve customers, while also making our offering available to local businesses. Merchants in Bahrain can now access our range of innovative payment products and services to facilitate simple, fast, and secure online payments for their customers.”

He added: “Our expansion into Bahrain represents the next milestone in our journey as Amazon Payment Services, taking the total number of countries we serve in the MENA region to nine. We look forward to working with merchants and partners in the country to facilitate digital payments adoption, in line with Bahrain’s digitization strategy.”

Abdulwahed AlJanahi , Chief Executive of Benefit said: “We are happy to be working with Amazon Payments Services offering users an elevated payment experience. This cooperation aligns with our plans to strengthen our international partnerships while supporting the Kingdom of Bahrain’s national 2030 vision. With this integration, users will enjoy new reliable and trusted payment methods via our electronic payment gateway using their locally issued debit cards.”

Enabling payments from locally issued debit cards in addition to existing support for globally issued cards will help local and regional merchants to process online payments in Bahrain and grow their business, supporting them to expand their reach and provide their customers with multiple choices.

Already offering their services in Bahrain through Amazon Payment Services is Platinum List, the GGC biggest ticketing platform by user base. Commenting on the new development, Evgeniya Kazina, Product Director at Platinum List said: “As a business who has been integrated with Amazon Payment Services since 2018, we are delighted that they have now expanded to the Kingdom of Bahrain. We are now offering our ticketing platform services to event organisers in Bahrain, and this partnership gives us access to customers across the GCC region through safe and hassle-free payment options of their choice.”

Amazon Payment Services enables payments on Amazon stores in the MENA region including Amazon.ae, Amazon.sa and Amazon.eg, in addition to supporting other merchants and businesses across the region. The company’s services are available for businesses in the United Arab Emirates, Saudi Arabia, Egypt, Jordan, Lebanon, Qatar, Kuwait, Oman, and Bahrain.

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, has officially announced the upcoming launch of a fully revamped version of the BenefitPay application. The latest release of the application has been developed with an effort to reflect and incorporate latest technology and feedback from the users themselves, including the company’s prior launch of the public beta test campaign centered around the slogan “You Inspire, We Deliver.”

During the public beta test campaign, the public was invited to participate and offer feedback, outlining their expectations and proposing potential enhancements. BENEFIT implemented the data to incorporate the recommendations and feedback in its latest version of the BenefitPay application. The revamped version has been designed to meet the evolving needs of users in the Kingdom, promising to provide an enhanced user experience, making electronic financial transactions easier and quicker.

Mr.Yousif AlNefaiei, Deputy Chief Executive – Business Development & Services at BENEFIT, commented on the launch, “Our strategic plans include a range of qualitative initiatives that are in line with the plans of the Central Bank of Bahrain and national strategies aiming at promoting innovation in the banking sector and the rest of the sectors. The launch of this fully revamped version of BenefitPay application is considered one of the most important initiatives in this regard, based on what has already been achieved in the national transformation journey towards electronic payments in general, especially through the BenefitPay application.

He added, “We are thrilled to release the latest version of the BenefitPay application into the market, and we believe it will bring about a new standard of digital payments in the Kingdom. The public beta test campaign was fundamental in the development of the revamped application, as we recognize the significance of listening to our valued consumers and their expectations from the services we provide, and the instrumental role it plays in shaping this release. The feedback we received has undoubtedly empowered us to create an application that caters to the ever-evolving requirements of users in the Kingdom, while simultaneously providing an unparalleled user experience, especially with new range of services and future plans to add more services and features to this new version.”

It’s worth noting that the new version includes user experience enhancements which provide better views and details on transaction history. Additionally, users can now immediately share confirmation of their transactions for smoother communication. BenefitPay now also includes a new ” Installments” feature, allowing users to pay all their loans and credit cards in one place. Other enhancements include a more user-friendly “Split Bill” experience, the ability to save favorite recipients for Fawri/Fawri+ transfers, and the option to select multiple recipients from the contact list for multi-sends. The revamped application also introduces Fawri, a new personal or salary transfer feature that is automatically registered in the LMRA, along with enhanced filtering options.

BENEFIT has a proven track record of delivering user-friendly solutions that empower its customers to perform electronic financial transactions seamlessly. The company strives toward continually enhancing its offerings by gathering and implementing relevant input from its users. The new version of BenefitPay reaffirms BENEFIT’s promise to offer its customers a safe, secure, and seamless experience, and it introduces a new benchmark for digital payments.

Number of registered users of the BenefitPay application has exceeded one million users, with an average daily access of more than 1.4 million times daily, and total transactions exceeding 252 million in 2022, which makes it the most used application, in addition to winning many awards as one of the most successful innovative initiatives locally, regionally and internationally.

The latest release of the BenefitPay application is available for download on the App Store, Google Play and Huawei App Gallery for mobile applications.

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has successfully achieved the recertification of the ISO22301:2019 certification for business continuity management systems, reflecting the company’s high standards in the field of BCM with 0 Non-Conformities (NCs) The successful recertification reaffirms BENEFIT’s ability to serve its clients and partners within the financial industry, as well as corporates and SMEs from all sectors.

BENEFIT has developed a BCM system according to the ISO22301:2019 framework since 2019 and was the first establishment in the Kingdom of Bahrain to complete the transition to the new audit standard ISO22301:2019 in April 2021. This recertification highlights the company’s ongoing commitment to preserving a strong technical infrastructure, promising a seamless user experience, and providing uninterrupted services in the face of unforeseen circumstances.

ISO 22301:2019 is a rigorous third-party independent assessment of the international standard for Business Continuity Management (BCM) which is designed to help organizations prevent, prepare and respond to unexpected and disruptive events. The certification, with its comprehensive approach to business continuity requirements, is recognized throughout the world.

Mohamed Al Alawi, Assistant Manager, Business Continuity Management stated, “This reflects our continuous strive in raising our benchmark and our commitment towards protecting our clients and partners. BENEFIT held several extensive exercises along with conducting a business impact analysis across several departments to put strategies in place tied to the ISO22301:2019 framework. At BENEFIT, we believe that a resilient organization is one that can change and progress with the times, and puts in place a plan to mitigate and respond to risks. Our investments in our people, processes, and technology have allowed us to sustain a strong technical backbone, exceptional business continuity, and a seamless user experience.”

Al Alawi added, “our successful recertification is a testament to the diligent effort and dedication of our team and management. We are committed to providing our clients with the highest standard of protection against growing risks and threats. The ISO22301:2019 standard provides a thorough framework for managing these risks, and our team has worked extensively to ensure that we meet and exceed these requirements.”

Bahrain will lead the world’s nations in consumer adoption of real-time payments by 2027. The projection is according to the 2023 Prime Time for Real- Time report, published by ACI Worldwide, which sees the Middle East as fast becoming the global hotspot for the real-time payments revolution sweeping the globe.

It says, by 2027, every Bahraini citizen, now 1.5 million, is forecast to make an average of 83.3 real-time transactions per month (TPHM), the highest level of RTP consumer adoption, compared to 23 in 2022.

The number makes Bahrain a world leader, ahead of Brazil (51.8), Thailand (43.6), and its immediate regional competitors, Saudia Arabia and the United Arab Emirates. In the 2022 ranking, Bahrain (19.1) holds second place globally for real-time transactions per month after Thailand, with a TPHM of 23.0.

In the Middle East, Africa, and South Asia, Bahrain leads. The report highlights that real-time payments are “strongly embedded” in the everyday lives of consumers and businesses in Bahrain.

With the support of the Central Bank enabling easier use through digital apps like BenefitPay, real-time payments are helping promote financial inclusion and increase financial stability across the economy, leading to stronger economic growth.

Meanwhile, the total real-time transactions in Bahrain are projected to grow from 276 million in 2022 to 1.3 billion in 2027, representing an annual growth rate of 35.5%, outpacing any other market in the Gulf.

According to the report, the Middle East is the fastest-growing real-time payments market globally, with transactions expected to grow from $675 million (BD 254, 484,517) in 2022 to a staggering $2.6 billion (BD 980,236,660) by 2027.

“In 2022, countries like Thailand, Brazil, and Bahrain took the lead in real-time transactions, and it is having a profound impact on how they conduct their financial affairs.” “This year’s report highlights how consumer and business adoption of real-time payments accelerates when the conditions are right,” said Craig Ramsey, the global head of real-time payments and banking at ACI Worldwide.

“Bahrain’s government and Central Bank support, as well as its innovative digital infrastructure, have made it an ideal environment for business and consumers to take advantage of real-time payments,” said Santhosh Rao, Senior Vice President, MEASA, ACI Worldwide.