A key partnership between Benefit, a leading fintech company in Bahrain, and Visa is expected to provide innovative, cutting-edge fintech and payment solutions to consumers in the kingdom.

Benefit has entered into an agreement with Visa, by which the world leader in digital payments will support innovative five-year strategies of the company in fintech and electronic financial transactions service, said a statement.

The strategies encompass new innovative services and advancements within the revolutionary "BenefitPay" wallet, where customers will be able to access smooth, secure and reliable digital financial services.

Additionally, Benefit and Visa will collaborate to develop a market-based Peer-to-Peer (P2P) transfer system that supports worldwide transactions by combining their strengths.

Benefit and Visa are exploring IBAN Tokenisation solutions, involving the use of Token ID technology.

This relationship will foster greater client engagement and usage, empowering BenefitPay to create a pivotal shift in the fintech arena, said a statement.

Consequently, Benefit is committed to a collaboration with Visa that promotes innovation, and advocates innovative payment methods. They plan to collaborate on market-wide efforts to raise awareness and shape the future of the fintech sector.

Abdulwahed AlJanahi, Chief Executive of Benefit, said: “We are thrilled to be working with Visa as we embark on this remarkable path to reshape the Fintech landscape. This is a significant step in meeting our five-year goal of developing new services and is meant to complement our efforts throughout the past years by introducing BenefitPay  as one of the most important, popular and innovative applications.”

Ali Bailoun, Regional General Manager – KSA, Bahrain, and Oman at Visa, said: “Collaborating with Benefit demonstrates our commitment to delivering seamless, secure and rewarding payment and fintech experiences for consumers in Bahrain. 

“We’re looking forward to supporting Benefit in bringing best in class solutions that will help drive innovation in Bahrain’s fintech sector and support the government’s digital commerce agenda.” – TradeArabia News Service