SINNAD Launches Tokenised Mobile Payments for Bahrain Banksby Fintechnews Middle East 29. October 2020
SINNAD has teamed up with Compass Plus to enable its customer banks to offer secure and tokenised mobile payments through BenefitPay, the country’s national electronic wallet payment system.
As part of the project, SINNAD certified its processing center, built on Compass Plus’ solutions, with the tokenisation service from Bahrain Electronic Network for Financial Transactions (BENEFIT).
The Central Bank of Bahrain and BENEFIT – the country’s national switch – introduced BenefitPay, a wallet that allows consumers to conduct electronic fund transfer and pay for goods and services, and enable merchants to accept contactless and QR payments, via the BenefitPay mobile app.
To ensure the security of consumer account information, the payment method operates using tokenisation, therefore all local banks are required to enroll in BENEFIT’s tokenisation service for debit and credit cards.
All local BenefitPay tokenised transactions received from SINNAD’s customers will now be routed via BENEFIT, while international BenefitPay transactions will be routed from Visa or Mastercard to BENEFIT before being sent to the issuer.
SINNAD completed the certifications with BenefitPay’s tokenisation service and the international payment networks and went live with the new service in July.
Mrs. Rana Ali, General Manager at SINNAD, commented:
“SINNAD’s tremendous success in expanding its offering to banks is a result of the dedication and the right expertise within the team. The market is constantly changing, and, as such, banks are striving for advanced solutions. At SINNAD, we strongly believe that such a service will boost frictionless payments through BenefitPay’s mobile application and move cards and payments to a new era.”
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