Author: bfcpay

BFC Payments B.S.C. (C), the Fintech arm of BFC Group Holdings, is all set to expand its digital payment solutions portfolio with the launch of the BFC Pay Cards.

The fintech has partnered with Visa and Benefit to launch two unique card products designed to meet the evolving needs of banked and underbanked individuals, supported by a feature-rich mobile app and contactless payment technology.

The first variant, BFC Pay Salary Card, is developed for the Kingdom’s unbanked customers, providing financial services to meet their daily financial needs. BFC Payments caters to this segment through the Wages Protection System (WPS) compliant salary services, and the Salary Card will empower them with an additional touch point. The second variant, BFC Pay VISA Prepaid Card, addresses the growing needs and increasing demands for cashless spending. These products enable BFC Pay cardholders to shop online or offline at various merchant and ATMs in Bahrain. BFC Pay Cards will play a crucial role in fuelling digital transactions and contributing to the country’s vision of a cashless economy.

Commenting on the launch, Davis Parakal, General Manager, BFC Payments, said, “It is an exciting phase for BFC Payments. Adding cards to our portfolio allows us to achieve Bahrain’s financial inclusion goals. With the physical and digital approach, the BFC Pay mobile app will be the central touchpoint for customers while bringing physical elements like the BFC Pay Cards.”

With the launch cards, the BFC Pay Wallet offering will provide a unique proposition where customers can easily access their salary through the BFC Pay mobile app, BFC Pay Card and an extensive network of BFC branches. In addition, the flagship product BFC Pay mobile app, launched in November 2021, offers international money transfers along with mobile recharges, utility bill and school fees payment, gaming vouchers and lots more.

Ebrahim Nonoo, Managing Director & CEO, BFC Group Holdings, said, “Our vision is to serve our customers with market-leading digital products and cutting-edge solutions that deliver great customer experiences. The BFC Pay Card is just the first step towards achieving our goals and we have many more exciting products in the pipeline.”

BFC Payments is pleased to announce the launch of the new and powerful BFC Pay App. The enhanced App has a digital wallet that includes easy account opening using eKYC and can load money or receive your salary directly to the mobile wallet. The app enables customers to do international remittance, local bill payments, wallet to wallet money transfer and much more using 3 different payment methods – BenefitPay App, Benefit Payment Gateway and BFC Pay wallet.

BFC Payments, the Fintech arm of BFC Group, provides digital payments services for Corporates, SMEs and Consumers. One of the significant features on the new BFC Pay App, is the digital wallet, was to comply with LMRA’s Wage Protection System (WPS) initiative that provides the unbanked sector in the Kingdom of Bahrain with digital salary accounts. This law will require employers to pay their employees through any medium that is licensed by CBB, protecting worker’s financial rights which are governed by their contracts of employment.

Mr. Davis D Parakal, Head of Business Development, Strategic Partnerships & Innovation of BFC Payments said, “Bringing superior and innovative customer experience to Bahrain’s FinTech space is part of our overarching strategy and BFC Pay is a major milestone towards it. While offering local and international payments to our Banked customers, BFC Pay will be a salary account for the unbanked segment. Now our WPS digital Payroll system work hand-in-hand with the new app which enables our corporate and SME clients to disburse the salary straight to customers mobile wallet.’’

The new BFC Pay App also enables users to remit money worldwide at great rates – quickly, safely and conveniently.

Mr. Deepak Nair, CEO of BFC said, “This is a major digital leap for us and is part of the Group’s significant commitment to invest in digital innovation. With BFC powering international remittance on the BFC Pay App, we are delighted to extend our online money transfer services, increasing customer convenience.”

The BFC Pay App comes with additional features such as secure biometric and PIN login, instantly adding and managing beneficiaries, keeping a track of remittance, bill payments and wallet transaction history, rates notifications, and much more.

The BFC Pay App can be downloaded on Google Play Store, App Store and Huawei AppGallery.

BFC Payments is a part of BFC Group which is one of the financial leaders in the region that includes an international network of money exchanges across four countries. The history of the companies that are incorporated under the Group date back over 100 years, with Bahrain Financing Company (BFC) trading in gold bullion and continually growing its services.

For more information on BFC Payments, please visit www.bfcpay.com or by getting in touch with a BFC Payments on +973 1700 4548 / 1771 1775.

The Kingdom of Bahrain has launched Wage Protection System (WPS) along with the collaborative effort of the Labour Market Regulatory Authority (LMRA) and Central Bank of Bahrain (CBB). WPS will require employers to pay their employees through any medium facilitated by entities   licensed by the CBB, protecting worker’s financial rights which are governed by their contracts of employment. WPS is to be implemented as a three-phase programme with the first phase having commenced on 1^st  May 2021.

BFC Payments, the Fintech arm of BFC Group, delivers digital payments services for Corporates, SMEs, Proprietors and Consumers. BFC Payments offers Salary Accounts for the workers to receive their salary and manage the salary using a mobile app. The service provided by BFC Payments ensures WPS compliance for the corporates who disburse the salary through our straightforward process. The product will also help to boost the digital financial inclusion to the underserved and unbanked segment in the Kingdom.

Mr. Davis D Parakal, Head of Business Development, Strategic Partnerships & Innovation of BFC Payments said, “We are proud to be part of the LMRA’s wage protection system. It ensures the timely transfer of wages to workers and at the same time brings simplicity and transparency to businesses. Currently our systems are WPS compliant and are processing salaries for multiple enterprises in the Kingdom. Our fast account opening process for businesses along with mobile wallet and cards for the workers make it a unique proposition in this market.’

BFC Payments offers a mobile wallet that considerably reduces the customer dependency on cash, welcoming them to the mobile payment’s ecosystem in the country. BFC Payments App also enables users to remit money back home at great rates quickly, safely and conveniently. The App can be downloaded by employees on the App Store and Google Play Store.

BFC Payments is a part of BFC Group which is one of the financial leaders in the region that includes an international network of money exchanges across four countries. The history of the companies that are incorporated under the Group date back over 100 years, with Bahrain Financing Company (BFC) trading in gold bullion and continually growing its services.

For more information on BFC Payments, please visit www.bfcpayments.com or contact a BFC Payments’ business development officer on +973 1700 4548.

BFC Payments, one of Bahrain’s leading fintech and payments solutions provider has successfully completed the assessment procedure to validate its compliance with Payment Card Industry Data Security Standard (PCI DSS) version 3.2.1., which is a leading security standard for payment card processing.

The certification was achieved after an extensive independent audit of BFC Payments operations and processes conducted by external certification authorities. The PCI certification is a worldwide information security standard assembled by the Payment Card Industry Security Standards Council (PCI SSC) for preventing card fraud through increased controls around data and its exposure to compromise.

Davis D Parakal, Head of Business Development, Strategic Partnerships & Innovation of BFC Payments said, “Ensuring best practices for the security of our payments and card solutions has been at the forefront for BFC Payments. Being officially certified will significantly increase the trust of our customers. Going forward, we are committed to improving the security standards for our customer data, payment processes, and digital channels.”

BFC Payments provides a broad spectrum of modern Fintech products and services in association with leading international and local partners. With its responsible approach to the data security and now through this certification, BFC Payments has ensured that it has good policies, procedures and sound technology framework to safeguard its client’s interests.

Ebrahim Nonoo, Managing Director & CEO of BFC Group said, “BFC Payments is now proud to offer PCI certified security standards in line with the vision of the Government of the Kingdom of Bahrain and the Central Bank of Bahrain to move towards a secure digital economy.”

BFC Payments is the fintech arm of BFC Group, that delivers digital payments services for the Corporate, SMEs and Consumers. Their mobile wallet offering for unbanked population in Bahrain have considerably reduced the customers’ dependency on cash and welcomed them to the mobile payment’s ecosystem in the country.

BFC Group is one of the financial leaders in the region that includes an international network of money exchanges across four countries. The history of the companies that are incorporated under the Group date back over 100 years, with Bahrain Financing Company (BFC) trading in gold bullion and continually growing its services.

For more information on BFC Payments, please visit www.bfcpayments.com or by getting in touch with a BFC Payments business development officer on +973 1700 4548.